The Obama Housing Rescue Plan
The Obama Administration unveiled yesterday its program to help the housing market. This mortgage prevention program is aimed at helping stop the foreclosure process. The mortgage program is supposed to allow people to modify the terms of their mortgages and give the banks and incentive to do so as well. The administration’s efforts includes a plan to help refinance homeowner’s who have little or no equity in their homes. One of the main goals of the new program is to offer major incentives for lenders to work with potential foreclosure victims. The problem is that people are approaching to their lenders with problems but are turned away and denied help. This has forced many people into foreclosure. There are many people who are opposed to the Obama administration’s plans to restructure potential mortgage holders who are at risk for foreclosure.
As I watch the financial news I am listing to people complain all day about what is not going to work and what needs to be added. People are complaining that are government is turning socialist. The American public is tired of helping people who some feel do not deserve any help. The truth is that 92% of American are actually paying their mortgages on time. I am also one of those individuals who pays his mortgage on time every month. I bought my condominium about four years ago at the boom of the housing market. I put 20% down and made sure that I got a fixed mortgage as opposed to a variable rate. I am not thrilled about having to help those 8% that might have gotten themselves into a home that they can not afford. However, I am tired of watching home values decrease in value and the credit crisis continue to destroy our economy. As an American, I stand behind our leaders and wish them all the best with the tough decisions that they have been forced to deal with. Why did these supposed financial gurus not figure out that our housing market was headed for disaster? The truth is no one really knows what is going to really work or not. Warren Buffet, the greatest investor of all time, supports our new government. I trust what Mr. Buffet has said in the past about Obama and his team of financial advisors. Instead of looking for ways of why the stimulus program or the mortgage program will not work, we should be looking for ways to make it work.
My partner and I started this credit card comparison site in the midst of the worst financial recession since the 1930s. The income that we have made from this website has been minimal. However, I do believe that the economy will rebound soon. The previous presidential administration did very little to prevent the worst financial meltdown of the 21st century. In September of 2008 the Bush administration allowed for the collapse of Lehman Brothers to take place. The credit markets and the economy has not been the same since. We have suffered more by not preventing Lehman Brothers from going broke than we would have by bailing them out. The heart of the financial crisis is the troubled mortgage industry. It is the goal of our current administration to prevent more foreclosures and to stabilize housing prices. I would prefer that we take action now and try to Band-Aid the problem then to let the wounds cause more problems.
The Obama Administration unveiled yesterday its program to help the housing market. This mortgage prevention program is aimed at helping stop the foreclosure process. The mortgage program is supposed to allow people to modify the terms of their mortgages and give the banks and incentive to do so as well. The administration’s efforts includes a plan to help refinance homeowner’s who have little or no equity in their homes. One of the main goals of the new program is to offer major incentives for lenders to work with potential foreclosure victims. The problem is that people are approaching to their lenders with problems but are turned away and denied help. This has forced many people into foreclosure. There are many people who are opposed to the Obama administration’s plans to restructure potential mortgage holders who are at risk for foreclosure.
As I watch the financial news I am listing to people complain all day about what is not going to work and what needs to be added. People are complaining that are government is turning socialist. The American public is tired of helping people who some feel do not deserve any help. The truth is that 92% of American are actually paying their mortgages on time. I am also one of those individuals who pays his mortgage on time every month. I bought my condominium about four years ago at the boom of the housing market. I put 20% down and made sure that I got a fixed mortgage as opposed to a variable rate. I am not thrilled about having to help those 8% that might have gotten themselves into a home that they can not afford. However, I am tired of watching home values decrease in value and the credit crisis continue to destroy our economy. As an American, I stand behind our leaders and wish them all the best with the tough decisions that they have been forced to deal with. Why did these supposed financial gurus not figure out that our housing market was headed for disaster? The truth is no one really knows what is going to really work or not. Warren Buffet, the greatest investor of all time, supports our new government. I trust what Mr. Buffet has said in the past about Obama and his team of financial advisors. Instead of looking for ways of why the stimulus program or the mortgage program will not work, we should be looking for ways to make it work.
My partner and I started this credit card comparison site in the midst of the worst financial recession since the 1930s. The income that we have made from this website has been minimal. However, I do believe that the economy will rebound soon. The previous presidential administration did very little to prevent the worst financial meltdown of the 21st century. In September of 2008 the Bush administration allowed for the collapse of Lehman Brothers to take place. The credit markets and the economy has not been the same since. We have suffered more by not preventing Lehman Brothers from going broke than we would have by bailing them out. The heart of the financial crisis is the troubled mortgage industry. It is the goal of our current administration to prevent more foreclosures and to stabilize housing prices. I would prefer that we take action now and try to Band-Aid the problem then to let the wounds cause more problems.
Labels: credit card comparison site, credit crisis, housing crisis, housing rescue plan, Obama administration, Warren Buffet
Credit Card / Financial news blog post by Todd Holliday at 8:37 PM 