February 18th, 2009
12:52 PM ET
5 years ago

Republicans, analysts question Obama's foreclosure plan

President Obama's $75 billion home foreclosure plan would benefit 9 million borrowers.
President Obama's $75 billion home foreclosure plan would benefit 9 million borrowers.

WASHINGTON (CNN) - Even before President Obama unveiled his home foreclosure plan Wednesday afternoon, some Republicans and political commentators questioned how exactly it would work to stave off a crisis plaguing the country.

House Republican Whip Eric Cantor, R-Virginia, along with Minority Leader John Boehner, R-Ohio, sent a letter Wednesday to the president "seeking clarification on six important questions about [Obama's] broad housing proposal," according to a press release from Cantor's office.

Obama unveiled his $75 billion multipronged plan in Phoenix, Arizona, that seeks to help up to 9 million borrowers suffering from falling home prices and unaffordable monthly payments.

But there could be fierce resistance among Republicans and some conservative Democrats on Capitol Hill.

Already, top Republicans want several questions answered, an early sign that Obama may once again face stiff opposition to the plan when it comes before Congress. Last week, not one House Republican voted for his economic stimulus package, and only three GOP senators voted for the bill.

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Filed under: President Obama
soundoff (139 Responses)
  1. Rose

    Republican leaders have no right to be asking questions. They have no leg to stand on. I do not know the complete details of the President's plan but he is trying to do something which is better than doing nothing.

    February 18, 2009 03:12 pm at 3:12 pm |
  2. I give up

    You know what, Libs. You've won, hands down. So now, I give up. I'm going to change my political affiliation to Democrat, quit my job and get in the welfare line.

    If you can't beat 'em, join 'em.

    February 18, 2009 03:13 pm at 3:13 pm |
  3. Lee

    Being on activie duty in the military, one thing we learn first is don't come to me with a problem and no solution with it. If Cantor and company don't like what they see, before you complain; come up with something yourself and earn the pay the people elected you for. Sitting back and complaining serves NO ONE but egos and it usually has a negative impact on everyone.

    February 18, 2009 03:13 pm at 3:13 pm |
  4. Angie in Pa

    MEMO TO DRAMA QUEENS GOP
    How about shutting you filthy Mouths for once WHAT HAVE YOU DONE TO STOP THE MADNESS? If anything you Helped Create this mess, So I say to you Drama queens Instead of sitting around Bashing someone who is TRYING TO FIX THE MESS. DO SOMETHING WORK WITH THE PRESIDENT,BRING SOME IDEAS! OR HAVE YOU GONE BANKRUPT ON YOUR IDEAS THE SAME WAYS OF THE LAST 8 YEARS AINT GONNA WORK SO EITHER THINK A NEW OR SHUT THE HELL UP SOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO FED UP WITH THE GOP sorry about the caps folks But i have had it with the Cry babies!

    February 18, 2009 03:14 pm at 3:14 pm |
  5. once upon a horse

    if President Obama walked into a room and said "Good Morning", the Republicans would question that too! Keep up it up GOP your poll numbers are looking GREAT!!

    February 18, 2009 03:14 pm at 3:14 pm |
  6. Steve

    When viewing foreclosures nationwide, the blue states have the most foreclosures. So the same clueless people who bow to Obama are the same people who didn't read their mortgage contract, spent beyond their means, and want the responsible homebuyers to bail them out. Democrats have so much to be proud of.

    February 18, 2009 03:14 pm at 3:14 pm |
  7. PJ Hicks

    During the election, McCain suggested the government should pay down people's mortgages so.. the Republicans better watch that aren't putting down the idea just because a Democrat is in the White House!

    February 18, 2009 03:16 pm at 3:16 pm |
  8. Texun

    The major effort should be behind renegotiating the terms of those mortgages. Most lenders will talk turkey about interest rates and number of payments. (Several of the Big Banks have announced a moratorium on foreclosures, an encouraging sign.)

    The problem for them is that when they write down the value of the mortgages, the feds can require them to raise the capitalization of the banks to offset those markdowns. In the current economy, raising private capital to do this seems nearly impossible. Under these circumstances, additional bail-out money for banks would be unavoidable. The alternative is to gather up all of the failed and near-failing mortgages, put then into a new federal program, and do the same thing at a somewhat higher cost.

    February 18, 2009 03:16 pm at 3:16 pm |
  9. Rob

    75 Billion split up amongst 9 million works out to 8,000 per person. Hardly enough to save anyone.

    But if he throws big numbers out, and looks sincere when he does it, all you fools just oogle over him, claiming his greatfulness even more. You don't for ONE SECOND think about the realities of it, or the effects.

    Thank goodness you're not lemmings, you'd be following him off the cliff.

    February 18, 2009 03:17 pm at 3:17 pm |
  10. Darren D. Johnson

    Bush-No!, Cheney-No!,GOP Simulise-No! Can any GOP say Pres Obamb is here for the next 8 yr's!

    February 18, 2009 03:17 pm at 3:17 pm |
  11. Sarty

    No good republicans – SHUT UP..
    Once in your life time, come up with a good idea.
    I hope American public will throw you out of office completely.

    February 18, 2009 03:18 pm at 3:18 pm |
  12. Steve

    And who are the RUPUBLICANS to question President Obama plans when they did absolutely NOTHING, NOTHING, when the ship was in flames and sinking with their IDIOTIC leader at the HELM.

    These stupid REPUBLICAN should shut the hell up. They had their chance and BLEW IT. MCCAIN with all the money him and his wife has can pay for their mortgage on all their houses no matter what kind of loans they had. Some of us got shafted because of the loose lending and outright lies told to buyers by crooked mortgage brokers and the greedy BANKS.

    February 18, 2009 03:18 pm at 3:18 pm |
  13. donna

    They'll question Obama if he said his first name is Barack...seriously, this is really the job of the Republicans since they don't do anything else....

    February 18, 2009 03:18 pm at 3:18 pm |
  14. obama-mama

    Here we go again. People keep commenting that some people live beyond their means. Everybody has a different story. A lot of people lost their means of income and probably couldn't keep up on their bills. You can't say that all the folks that are going through foreclosure proceedings bought a house they could not afford.

    February 18, 2009 03:18 pm at 3:18 pm |
  15. obama-mama

    I find it so interesting that when GW Bush was in office and pretty much did what he wanted and nobody questioned him. I'm sure Obama has no problem answering questions that these morons have. I hope they all get voted out in 2010

    February 18, 2009 03:20 pm at 3:20 pm |
  16. Yveline

    Please tell me about Republicain proposing something to fix the mess they created . Is that all they can do . Questionning, opposing?

    February 18, 2009 03:21 pm at 3:21 pm |
  17. Pat

    I'm sure that the 9 million people who this bill is designed to help are not all behind in their mortgages because they bought a house they couldn't afford. There are many factors that have put people in their particular situation. Let's get the plan in place and move forward. We don't have the luxury to worry about the people who are trying to game the system. This mortgage crisis has resulted in a global crisis. It's bigger than people trying to get over with not paying their mortgage. You have to look at the bigger picture. Let's support our President , unless you have a better idea. The one about letting everybody go down with the ship won't work.

    February 18, 2009 03:25 pm at 3:25 pm |
  18. Debby

    Republicans did come up with a plan, its called cutting corporate taxes, payroll taxes and capital gains tax. Do the liberals think that investors are going to spend their money knowing they will be taxed to death down the road by Obama.

    February 18, 2009 03:26 pm at 3:26 pm |
  19. KLS

    My son purchased his home in 2000. He easily afforded his 1st and 2nd mortgage payments. Then he lost his job. Thankfully he's employed but at a lower salary. Now his home value has declined. He can't refinance to combine the loans to take advantage of the low interest rates. He's not delinquent or near foreclosure but is having some trouble. Please tell me why this is his fault and shouldn't receive some help?
    Bank of America won't even consider lowering his 10.5% interest rate to give him some relief because he isn't past due. Yet BofA took our taxpayer money and purchased Merrill Lynch and handed out huge bonuses.

    February 18, 2009 03:29 pm at 3:29 pm |
  20. Sniffit

    GOP: What? It's not based on tax cuts and trusting corporate america to sprinkle our money back down to us? Heresy!!! Anathema!!! Reagan will smite you from the heavens!!!

    February 18, 2009 03:32 pm at 3:32 pm |
  21. cmoore

    Voters will remember this in 2012!!!!!!!!!!!!!!!!!!!!!!!!

    February 18, 2009 03:32 pm at 3:32 pm |
  22. Rich G

    Yeah, I pay my mortgage. I do well. What's in it for me????

    It's the American way these days, right?

    I'll just be ignorant of the many ancillary benefits I'll receive, such as not tripping over people living in the street, not having two or three of the homes in my neighborhood go into foreclosure and be abandoned (thus killing my own property value), etc...

    February 18, 2009 03:33 pm at 3:33 pm |
  23. gregory james

    yes i like that shut the hell up reps you had a chance a lot of time and you did notta

    February 18, 2009 03:34 pm at 3:34 pm |
  24. Mickie

    Of course the republicans are questioning his plan - they haven't come up with anything while Bush was in power and they are not about to agree with Pres. Obama on anything because their party will not tolerate it when they next come up for re-election.

    February 18, 2009 03:34 pm at 3:34 pm |
  25. Mickie

    GEE – I forogt – when Bush won by a lot fewer votes than Pres. Obama, I remember him stating that he had "A POLITICAL MANDATE". Is that not what Pres. Obama should have also?

    February 18, 2009 03:35 pm at 3:35 pm |
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