Obama Unveils $75 Billion Mortgage Relief Plan

By: Associated Press
By: Associated Press

President Barack Obama says his $75 billion plan to tackle "a crisis unlike any we've ever known" in home foreclosures is necessary to help save the economy.

Obama unveiled the plan in Arizona, hard-hit by the housing crunch. More expensive than expected, it aims to keep 9 million people from losing their homes.

One part will ease refinancing for people who owe more on their mortgages than their homes are currently worth. Another provides incentives for mortgage lenders to help those on the verge of foreclosure.

Speaking at a high school outside Phoenix, Obama said the plan won't save every home but it will prevent "the worst consequences of this crisis from wreaking even greater havoc on the economy."

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  • by Kim Location: CS on Feb 20, 2009 at 10:31 AM
    Maybe you judgemental people should read up on what is called PREDATORY LENDING, and if the shoe was on the other foot, what would you do? I bet you would be singing another song. There is no way you can group "every single homeowner" into the same category. You have no idea what a lot of these people are going through. Shame on your harsh words
  • by My $$ someone elses home Location: Colorado Springs on Feb 20, 2009 at 08:11 AM
    Jeff, well stated. It appears we have created a society that does not want to take responsibility for their actions. Every single mortgage holder in America had a choice, sign or don't sign. Greed has led our society to plunge themselves into debt to have the bigger and better everything regardless of income. Owning a home is a privilage not a right. Wake up America, it is time to realize that we may be born equal but you have to work for things in life and sometimes it does not come easy if at all. If you are not educated enough to understand a contract you should not enter into one. Responsibility and accountability is the key for EVERYONE! Poor decisions by many are causing great grief and distress for everyone.
  • by Jeff on Feb 18, 2009 at 08:01 PM
    Common sense had been replaced with political expediency, fiscal sanity with "social engineering," personal responsibility with a penchant for shifting blame and a culture content in merely waiting for the next handout. Sadly, I felt the exact same way today when, during a stop outside of Phoenix, President Barack Obama disclosed a $75 billion plan to further reward irresponsibility with regard to lending and homeownership. Today, it became apparent not only that the president and the Democrats have forgotten just how the American housing and credit crisis came about, and not only that they continue to shirk all responsibility, but that they are so arrogant as to actually believe that the very cause of the crisis in the first place is somehow also the solution.This is just another thinly-veiled dose of the very same failing policies, featuring the very same lead players. Fannie Mae. Freddie Mac. Christopher Dodd. Barney Frank.
  • by Frustrated Location: Springs on Feb 18, 2009 at 04:40 PM
    You aired a story today that showed a woman who just purchased a home...the reporter stated she purchased a home that had a "special deal" for two years that has allowed her to get the home. ISN'T THIS WHAT GOT US INTO THIS MESS IN THE FIRST PLACE????
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