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:
Can't wait to hear the objections to his plan by the Republicans. I am sure that they will have an immediate response as to how it won't work and with any luck(sarcasim) their faces will be in front of the cameras to tell us why it wont work. Do these idiots realize that if he fails and his plans fail, our country fails and the heck with 2010 elections which is what this is all about. If no one read the stimulus plan before voting, how did Boener and his cronies led by their leader, Rush Limbaugh, know it would fail. Since it sat there for almost 4 weeks why didnt he or the idiot Cantor read it instead of immediately criticize it??? I never saw their plan and I am sure they have a good mortgage plan. If I were them, I would just shut up and hope this man can getus out of this mess their party got us into in the first place. That seems to be lost in their rhetoric that they were the ones that got us in this mess to begin with remeber the deregulator republicans. Thank you for even trying President Obama maybe if someone(President Bush) had even attempted to stop this situation from ballooning, we would not be in this mess now.
Wait a second, since people who don't pay taxes are going to get tax rebate checks, then surly the 90+% of people in this country that actually have the "audacity" to pay their mortgages on time every month will also get some sort of mortgage relief, right? It's way past time that we, as a society, start rewarding good behavior (read: fiscal responsibility) before or at least at the same time we start rewarding bad behavior! So, I propose that a fixed rate of 4.5 percent be locked in for the next 2 years for new and refinanced home loans. After 2 years and when the housing market settles, new loans can flunctuate accordingly. Additionally, ARMs should be banned 4-ever!
Bob in Pa: I don't know what we'd do without your insight. You have the right answer to this crisis, you should be advising the President...what was he thinking?
Between us my wife and I have four jobs, make our mortgage payments on time, put two kids through college, and pay our taxes. I sure don't feel very "stimulated"
The Obama administration is beginning to sound like the soundtrack from "Evita"-' And The Money Kept Rolling In'.
reality check, ky February 18th, 2009 4:37 pm ET
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!!!
DON'T YOU WISH IT WAS THAT SIMPLE? IT'S OUR MONEY TOO!!!!!!!!!!!!!!!!!!! NOW GO GET WHAT YOUR NAME IMPLIES, YOU NEED ONE ASAP!
I don't like the stimulus package,
so to the person who wrote IF YOU DON'T LIKE THE STIMULUS, DON'T TAKE THE MONEY!!!
I don't want the money, So DON'T TAX ME TO PAY FOR IT!!!!! Then I will be fine. But I will be TAXED to pay for all the pork spending and Obama friends.
CNN: Why not a blog on how Republican Congressman are fighting over how much they can bring home to the district from the stimulous package?? What a bunch of hypocrotes!!
GART: Once again you are blithering nonsense. The money is coming from the TARP funds! You Republicans would rather hand over the money with no strings attached to bankers like George Bush did!!
I'm sure there are millions of people who would like nothing more than to work if they could find a JOB. If our jobs weren't overseas and our banks and corporations hadn't been able to get away with the greed then maybe we wouldn't be in this mess. People want to be able to provide for their families. Not everyone wants a handout, but everyone needs a helping hand at least once in their lifetime.
Sorry buddy...I don't see Obama throwing infantile temper tantrums while putting his fingers in his ears and screaming "lalalalalalalalala!!!" in response to new ideas (seeing as the old ones have been proven to fail). That would be your precious GOP behaving that way...so I'd be careful about who you claim is childish and immature. You might want to ask your own party to take off their feety-pajamas and put on their big boy pants.
Mike in Houston February 18th, 2009 4:37 pm ET
Obama has become the Hugo Chaves of the US political system.
And by this you mean?
@Kathy February 18th, 2009 4:59 pm ET
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.
That's terrible. I wish Bush had done something to help you when there was an option to do so.
Obamas plan is brilliant!!!
I know that we live in a democracy but it seems to me that before any plan is tried we are already criticizing it. If everyone seems to know better, WHERE IS YOUR PLAN THAT IS GUARANTEED TO WORK??? Does everyone want INSTANT results? Come on people, it is time to get realistic. Let the president do his job, try supporting him, and see what happens.
Since when have we become a nation of criticizers!!!
here is some food for thought:
We are in a mess. there are no good options, there are only bad options or worse options. I pay my mortgage. Its not only a roof over my head but an investment. The last thing I want is for my neighbor to foreclose because that will bring down the value of my investment. so before anyone complains about their neighbor getting help, think about the consequences to your own home value if they don't.
Dear M. President I like your style..... You're going to be a tough act to follow. Your standards are something to be admired. Keep making us proud!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Geez. With such negativity against every measure this President tries put in place, I wonder how hope can spring or thrive in such an atmosphere. Can people just stop whinning and support this President or keep their negativity to themselves.
Republicans didn't mind spending money for No Bid contracts to Halliburton and Blackwater in Iraq.
But, heaven forbid we try to spend money to save our own economy.
There are only 3 choices the government can pick to affect the economy.
Monetary policy- Tax Cuts and lower interest rate. Bush tried that, didn't work
Fiscal policy- Spend money on Education, Infrastructure, Investment. That worked for 40 years from FDR to Carter and the USA created more wealth than any other country in whole history of world combined. We all get enriched together. "Rising Tide lifts all boats"
Do Nothing- More layoffs, More corporate consolodation, More foreclosures. Rich get even richer. Poor get even poorer. Middleclass disappears forever.
Take your pick!
Wait we pay our mortgage on time, and are upside down in our house..our credit is in the high 700's... and we cannot refinance because our house is "appraised" at a value below our loan balance amount!!!! How will this help us and the millions of other homeowners in the same situation? Already I am not agreeing with this Foreclosure Plan. I voted for President Obama, and I think the plan as it was presented is not fair now will it solve anything. Why not create and independent "government bank and buy these so called "floating" bad debts at the real value, not at the inflated value the banks have on their books. The banks will then not have these so called bad debts to blame their non-performance on, and maybe with some competition with this new "bank" they will start doing their jobs as banks and stop playing the blame game!
Knee-jerk criticism may help you to blow off some steam, but it adds nothing to the effort in getting ourselves out of this economic rut. This is serious, folks! We are facing the biggest threat to our livelihood, and it's only getting worse. Before getting all worked up, first educate yourself in economics and finance basics; understand our current dilemma through MULTIPLE sources; honestly consider the pros and cons; and above all, READ the President's plan. Regurgitating remarks from political pundits is a waste of time.
And the Goobs answer to the housing crisis is "tax breaks" delivered while Cantor and Boehner both throw temper tantrums while shaking the JCP catalogue!
For the average American this stimulus would mean nothing but zip for us. Oh we might possibly see an extra $13 in our checks but that amount, knowing the democrats is before taxes is applied to it..
Yes, let's reward stupid behavior and punish responsibility. I have no pity for people losing their homes. They made a financial decision and should learn how to read the fine print or contain their greed before taking on loans that they should never have. People will survive and recover and ther rest of us responsible citizens will not be paying for our neighbors stupidity. I know there were deceiving mortgages brokers but we all know when something is too good to be true...it probably is.
For all those people who are complaining "Where's MY bailout?"
Think about this:
Do you complain when the Govt helps out after floods, tornadoes, hurricanes, droughts, forest fires etc? Didn't some of those people build in low-lying areas, in tornado zones, on farms that cannot survive without rain or in a forested area?
Stop complaining. We need to help those people who have tried their best but lost their job or got sick or any number of other legitimate reasons reasons. It's what we do for our neighbors, friends, co workers and, yes, even strangers. When your neighbor gets help from the Red Cross do you complain that you didn't get your fair share?
Obama's right. We ALL need to grow up and help out.
To ....."D Tin"
If you had watched his speech today you would have found out that this plan WILL help with your situation. Check into it.