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:
help the home owners all you can, but the greedy car owners should be at the bottom of your list.
If theplan is a mirror to the one that's being done in Philly, then we should be able to keep some people in their homes.
At least President Obama has a plan. Republicans don't have a clue as what to do, except they do know how to critize and whine...just what they do best!
The Republicas probably won't have time to read up on this plan either. Stupid MORONS!
Take the $75 Billion out of the TARP and Stimulus package. Stop spending money! These guys are going to put us into debt so bad that it'll take us decades to recover. This isn't helping its only hurting.
Once again for the Americans that work and pay their bills and try to do right get nothing but probably more taxes. Better to not work and take hand-outs.
Sooner or later the working people are going to get enough, I hope.
***What is in the bailout for Americans who save, budget properly, and pay their bills? They get to bailout Americans who do not save, do not budget, and don't pay their bills. What a country.
ha ha ,we finally have a president it feels good that someone is at least trying.Man I had forgot how good It was to have a president;even if it doesn't work no one will be able to say he didn't give it a try.This is a great man.I wish everyone would come on board,and enjoy him as I do.come on America stand by your president you'll never regret it.As for criticism about his not letting the people look at the bill as promised.All I can say is this is a crises.when a house is on fire you don't wait for everyone to say you got a good plan for putting it out you just put it out,and hope they'll be grateful you tried to help.
OK... Are we all this ignorant and stupid?
75 BILLION dollars for 9 MILLION potential foreclosures...
PEOPLE... DO THE MATH... Divide 9 MILLION into 75 BILLION
So each house costs 833 MILLION dollars? WHAT THE HELL? This is our money people... WHAT IS GOING ON HERE?
Stop the insanity.........Quit bailing out companies that can't stand on their own............our money should never have been given to the banks.......and lastly, I don't want to live in a socialist society. The white collar crooks should be in jail, not given more money,
Regarding the stimulus plan:
I've just read that the same folks who opposed the stimulus are now fighting to bring stimulus money home to their constituency!
That is so underhanded. No honor, no dignity.
IF YOU DON'T LIKE THE STIMULUS, DON'T TAKE THE MONEY!!!
Obama has become the Hugo Chaves of the US political system.
Where's the handouts for renters? We didn't contribute to the housing bubble and we live within our means.
Why am I paying for your house?
Plenty is will be in the bill for those people...as that constitutes the majority of people suffering foreclosure right now as a result of losing their jobs, having hours reduced, being laid off, etc. The GOP's insistence that it's ONLY people who irresponsibly took mortgages is a false talking point designed to generate mindless anger and resentment, not encourage people to understand the reality of what is happening in our country and to our economy.
Louis – You get an economy that is functioning better and will be able to keep your job! You get to give your neighbor a helping hand rather than a boot in the face. You get to live in the greatest country in the world!
Why doesn't the Gov't just buy everone a house !
This has got to stop somewhere. The federal and state government can not continue to put out these nets. Remember, it was subsidised housing that gave us run down projects, housing authorities, and even housing authority police departments.
No, This is for the Americans who invested in their County and lost not only their job,retirement and a piece of their dignity. The goal is to assist them to maintain their homes assist them to regain their jobs while preventing more toxic loans clogging up our already poor drainage system call the economy.
I LOVE WELFARE JUST LIKE ILLEGAL THATS WHY I LOVE DEMOCRAT EVEN THEY ARE NO MORAL AND CROOKS LIER they buying vote FOR $$$
If your house is on fire and some guy throws gas on it say "well... I tried to put it out"... I don't think you would thank him.
It's pretty tough to fault the Republicans for their 6 questions posed to Obama over his plan (e.g., how to ensure that the 90% of homeowners that pay judicially will also benefit?), but I'll be some folks on this board are about to…
Becuase, heaven forbid someone ask Obama a tough question and distract him from distributing handouts.
Does anyone else find it ironic that the government is trying to force lending behavior, to fix the problem caused by mandating subprimes (started in 1998 with clinton, picked up momentum under Bush, and protected by Barney Frank and Chris Dodd...)? Facts, folks
I work hard. Pay my bills. Made sound decsions in the Real Estate Market and have a fixed rate loan. I even have a little equity after this crash. Pretty good for a 34 year old college drop out.
But, We need to shore up the housing market. This is not the time to scream, "It's not fair!" like little kindergartners.
This plan is not helping those who are behind. And it's not helping those who overbought. It's helping the majority of middle class people who are still solvent. But could have trouble very soon. If we can reduce the number of foreclosures it will be good for ALL the homeowners. Even those who "Did everything Right."- as if there were such people on such high horses. So why don't you get off yours?
My husband lost his job in title insurance due to the "bad" loans over a year ago, and after exhausting our savings this past year trying to save our home, we had no choice but to lost our home. So, where is my bailout? What happens to us who lost our homes BECAUSE of these morons who gave out loans left and right? We not only have no savings but now no home.
I amazes me how blindly some of you jokers are willing to go along with this stump turtle. Obama is a baby playing in a man's world. This is no time to blindly follow this guy. Use your heads and think about what is going on.
@ Bob in PA
All residential housing is subsidized! What do you think the Mortgage Interest Tax Deduction is? A democrat creation from FDR is what it is.
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–and give this stimulus program at least a chance. Monitor it, report data, not blather, and see if it has a chance. First candidate for taping-Rush Limbaugh followed shortly by Jack Cafferty, etc.
The pundits are hurting this country with their continual, sensational quest for ratings, and, well the Republicans, what can we say about the GOP (Greedy Obstructive Party)--just, please shut up and go away. Thank you.