Today in Arizona, President Obama unveiled his solution to the nation's home foreclosure crisis: a $75 billion mortgage relief plan to help up to 9 million borrowers suffering from falling home prices and unaffordable monthly payments.
The long-awaited foreclosure fix marks a sharp departure from the Bush administration's reliance on having servicers voluntarily modify troubled mortgages.
The Obama plan will make it easier for homeowners to afford their monthly payments, either by refinancing the mortgages or having their loans modified.
Read more about the plan on CNNMoney.com
CNN’s John Lisk talks with Senior Political Correspondent Candy Crowley about the plan - who will be for it, who will be against it and why - in today’s Political Notebook.
Listen to her take:
Cantor and Boehner the nay sayers. These are men that said nothing while Bush spent 10 billion a day in Iraq. Cnn got to hold be sick men accountable for their actions. Mr. Obama needs to begin investigating the Bush adminsitration to show the real accountability to the American people. How could anyone be so mindless to see Obama's actions as negative but Mr Bush as positive. Investigate the man!
@ Masking Tape writes,
"For say about 90 days, let's take all surplus masking tape–tape up the mouths of all Republican Reps and Senators and all political pundits."
Do you silly liberals even understand the meaning of FASCISM? All day long numbnut libs suggest ridding America of the GOP, taping their mouths, etc etc.
You fail to realize you're nothing more than an old time nazi.
Oh Goody, more rewards for bad behavior. If you work hard, pay your bills on time, and do things the way you're supposed to, you get to bail people out, who bought things they couldn't afford. What a joke, an absolute joke.
betts, it seems you like to call people names, but perhaps before you call people morons, you should know what you are talking about. Neither Dems or Republicans read the bill, so perhaps your name calling should include both parties, or you could just keep calling names, and getting your facts wrong.
And what the President is proposing is the same thing that McCain campaigned on. Then it was at the top of the Grumpy Old Parties talking points but now, oh hell no, it is a democratic position so it must be bad. At least according to republicans. the GOP, becoming bigger MORONS each and every day.....
Ah, the rich get richer and the poor get more unearned money and the Real American Taxpayer gets slammed into the wall head first. Guess we all need to quit working and wait for our government handout with money borrowed from china & saudia arabia.
To rescue the house mortgage crisis we should distinquish the principle dwellings from investing residences.
We should only hope that before the critics begin their rant, they actually understand the substance of this proposal.
Already folks are screaming "Why bail out those irresponsible people who overextended themselves? I pay MY mortgage, why shouldn't they? Let 'em foreclose!"
The narrow-minded and fairly ignorant always scream the loudest – and in that they are exposed as narrow-minded and ignorant.
Have an opinion, but please make it informed...there's a big picture here that affects all of us, even those self-righteous who haven't yet fallen on the hard times many are facing.
at least Pres. Obama is doing something!!!! More tan you can say for the scumbag repugs!!
I don’t see this helping anyone but the BIG BANKS. What company is going to lend money to someone in foreclose and better yet what makes you think even if they do, how will people pay for it. Hello if they could pay it in the first place they would not need another loan. Okay then what the person is just SOL, because the bank will just say we helped you already. You have to have money to pay your bills and you get money from working. There are no jobs and if you do find one you will not make enough to support your family and pay bills. Come on! You will help with foreclosure and then what?
There are just over 310,000,000 Million people in this country. Why can’t the government give the money to us, and I don’t mean 1500.00 that was a joke. Let’s say the President gave everyone 18yrs and older 50,000 dollars it would total 155 million give or take a few thousand. We the People would use it to pay bills, buy a car or a house, and maybe reinvest in the Stocks. Wouldn’t that be cheaper than over 750,000,000,000 billion he will be spending now. I would like to be able to benefit from my taxes like the Big Companies do, But seriously I would just like to pay my bills and not some BIG BANK’S BILLS and WALL STREET.
I'msorry but I have a Comment Response for the Pope/Pelosi blog and it is now closed.
Matthew, Detroit February 18th, 2009 3:37 pm ET
There is a seperation of church and state.
But the fact is she wears her religion on her sleeve and claims to be an Ardent Catholic. As a catholic she is violating church teaching s and dogma. Unless you are a catholic you really should not have an opinion on that. She can leave the church and join another church. She has that right. Belonging to the catholic church is not a right. You must obey the rules.
Henry the VIII started his own church because he no longer followed the rules. Many other religions have started the very same way. Everyone is free to believe what they want. But she has no right to claim that she is a good catholic when she holds such evil in her heart.
sorry but I have a Comment Response for the Pope/Pelosi blog.
Had you read my posts carefully, you would have noticed that I meantioned that I am indedd Catholic. I have every right to comment.
Oh thank God! The "Chosen One" is here to rescue all of us from our own stupidity and irresponsibility. It's not our fault we didn't understand the terms of the mortage WE signed. It's not our fault WE bought a house WE cannot afford. It's not our fault WE failed to make allowances in our plans for unseen future events. We are all just VICTIMS living in the OBAMA-NATION waiting for someone else to come bail us out. But don't worry "Chosen One," we will be there to vote for you in four years. Just keep that bail-out money coming.
Obama,whats it going to do for me, I pay my bills
why are we picking on the Rep or Dem. We should be together as Americans. That's what Our President talks about.
to Vicki & Chris from NY you both write to support "this President". Why this President? Have you supported and talk nice about all Presidents? Have you given all Presidents a chance?
I have not agreed with any President 100%. But I pay my bills and I don't spend beyond what I can afford. Why do I have to pay for others who spend with caring. I save my money for big items. Yes I have a morgage, that I paid on time. And I did have a car payments that I paid off early. I don't make a lot of money. I just watch where I spend it. The Goverment should be doing the same. And if their are people out there that REALLY need help that fine. But not if they are wasteful spenders, living beyond what they make, then NO THEY SHOULD NOT GET ANY HELP.
Obama Has spent more then Bush has in 8 years on the war... in a few weeks... he has doubled our debt in a few weeks... this is the change we wanted!
To Scott in Tucson , sooooo what has McCain and Kyl done for us in Tucson?????? At least someone is trying to figure something out. BTW, how do you like the Republican State Budget?? Oh, and I hope you aren't going the University of Arizona or have children in the education system here.
I am concerned that a major part of the foreclosure bail out plan will not work. He mentioned that Fannie and Freddie would get an injection of money to help keep rates down. However Fannie and Freddie announced new costs starting in April that will make the rate for refinancing very high. There is something called an add on. This is what a banks, bankers, or brokers use to calculate the rate if it is a Fannie Mae or Freddie Mac loan, which 90% of all mortgages are. There are add ons for credit score and how much your mortgage amount is compared to what it is valued at. This will make it impossible for someone to get a better rate, or a lower payment then what they have now, especially if the value of the home is low and the mortgage amount is high.
At least President Obama has a plan.
Plan???? Throwing billions of gallons of water to a drowning man is not a "plan". It just makes you sheep even more dependant on the farmer...
My wife and I put the mortgage first. Second are the rest of the utility bills, food, etc. No trips or vacations, eating out (maybe some fast food) and no spending unless it is critical; such as a home or car repair. I don't know how much longer we can get by. Other bills such as phone, electric, insurance, etc. have fallen behind and we are playing catch-up.
I would like to see President Obama's plan, in some way, make sure the people who get their loans modified or refinanced are deserving. Those of us who are current with are mortgage should receive help because we have been thrifty.
He has a good plan. He just needs a good "vetting" process to weed out the reckless spenders.
Penny Island Lake....you dont want to be taxed on the bail out of homeowners........well I dont like being taxed on the war in Iraq that Bush got us in but I had to pay......What's fair?....you tell me....What benefits us better?
Gregg, the ranking Republican on the Senate Budget Committee, will join other members of Congress to help the administration develop a plan to reduce the costs of entitlement spending programs like Social Security and Medicare. Sad that many of our seniors choose between Rx or food where is their entitlement? Most seniors worked hard every day. Obama wants too reduce Senior ENTITLEMENTS! Where is their bailout?
the public is as ignorant as they choose to be.
the media is nothing more than the "propagandist arm" of the new administration... witness the overwhelming content of their broadcast.
This mortgage bail out is a baaddd idea. Both people and lenders got really greedy. Some borrowers where taken advantage of, but at the same time common sense should tell you if you are making $35k a year and purchasing a $250k home you probably can't afford it. But now you will have the government tell you that you can't afford it. Everyone refinancing a house after awhile just did it as a way to use their house as an ATM. It was money to buy stuff they didn't need but just wanted. Now we as taxpayers who didn't live outside our means, paid our bills are going pay the bills of the greedy. I really am happy to do that. Just because that makes so much sense to me. I hope more people can ask me for money. I love let people borrow money they won't be able to payback. After all they never paid their bills why should they. We can pay them. So please help them enforce the mortgage bail out ASAP. Love this idea.
For those reading this comment hope you understand my sarcasim.