Obama’s Housing Plan
Did you watch the State of the Union Address on Tuesday? It’s Obama’s last before the election later this year. President Obama hit on a number of points and spoke firmly about using “government power to balance the scale between America’s rich and the rest of the public.”
When Obama took office in 2009, he made big promises to address the mortgage crisis. We saw HAMP and HARP, and we’ve watched them fail. They were supposed to help 4 million homeowners with affordable mortgages. Three years later, only 910,000 homeowners have seen results. HARP 2.0 may provide an outlet for qualifying homeowners to refinance, but what is going to happen to those who are behind and in foreclosure?
Refinancing “I’m sending this Congress a plan that gives every responsible homeowner the chance to save about $3,000 a year on their mortgage by refinancing at historically low rates,” Obama said. via Experts Taking Closer Look At Obama’s Foreclosure Plan « CBS Miami.
Obama is setting up a financial crimes unit, to expand investigations into home lending and mortgage-backed securities. JP Morgan Chase CEO Jamie Dimon said this morning that the investigation has a “pretty good chance of derailing” settlement talks with over foreclosure practices.
Is it Going to Get Better? “Plenty of economists are betting that 2012′s housing market won’t be much different than the lackluster market of previous years. Moody’s Analytics Chief Economist Mark Zandi says he expects home prices to fall another 4% to 5%.” via Housing, stocks, gold and oil: Hot or not in 2012? – U.S. Housing: Bear (3) – FORTUNE.
We urge all homeowners to seek their own legal advice instead of waiting for a solution from the government. We provide foreclosure defense to Florida, New York, and New Jersey homeowners. Schedule a free consultation now.