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.

Full Story


Filed under: President Obama
soundoff (139 Responses)
  1. Ray Fisher, Albuquerque, NM

    The Republicants question everything our President attempts as if they are the chosen people. Why must we listen to them anymore???

    February 18, 2009 03:36 pm at 3:36 pm |
  2. A little sad

    @Steve February 18th, 2009 3:14 pm ET

    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.

    ******************************
    Last I checked, Arizona was a red state. Nevada is at best purple. Granted California is blue, but we do seem to have a rainbow going on here.

    February 18, 2009 03:36 pm at 3:36 pm |
  3. jill

    The republicans need not say a word, they had there chance and chose not to get involved with it, they had alot of oppertunity to speak there mind and decided to speak against it instead of being involved. I don't want to hear anything from them especially if this does not work. I will do my best to make sure that none of them except 3 are re-elected in the next term. You have a president that reached out to them, to try to help this country, and they basically spit into his face, when they did that I feel they did it to the american people. They are not putting the people that elected them first they are putting themselves first. Screw Them!!!

    February 18, 2009 03:36 pm at 3:36 pm |
  4. Fran

    Here we go again, do the republicans know anything else except NO. Everything the President tries to do to help this country, they offer no suggestions, just more opposition to what President Obama is trying to do. Republicans please offer help and not just wait to oppose everything. If you donot have a soultions, please stop your complaining and whining.

    February 18, 2009 03:36 pm at 3:36 pm |
  5. J P

    what the hell are the Republicans doing about the economic crises? Nothing.

    February 18, 2009 03:36 pm at 3:36 pm |
  6. aware

    Obama never fills in the blanks. He is just a salesperson not a leader! :(

    February 18, 2009 03:36 pm at 3:36 pm |
  7. Jeremy

    Hey, I'm an Obama supporter and a pretty liberal Dem. But questioning is what our government is suppose to be all about. Good, let the Republicans ask all the questions they want, let them know the plan backwards and forwards ... and when they vote no, and it works, they'll only have themselves to blame.

    As for those who say, "these homeowners got themselves in this mess, they can get themselves out of it."

    It's nice in theory, but its application has much more dire consequences for all of us. The economy connects all of us, so it requires all of us to step up for the benefit of the country. It isn't about bailing out those who screwed up, and yes they should be held accountable; however, it IS about the survival of our country and economy. The isolationist mentality doesn't work in the 21st century.

    February 18, 2009 03:37 pm at 3:37 pm |
  8. yuri

    Ah! Here we go again, Cantor and Boener. We can not resist the temptation to guffaw and cackle at those two bozos, trying to torpedo the foreclosure bailouts. Two heartless and spineless schmucks, they are. Their clownish behaviors will continue to amuse us in a piquant way.

    February 18, 2009 03:38 pm at 3:38 pm |
  9. Cindy

    The Republicans will resist anything and everything in any rescue package, because they fundamentally believe people and businesses shouldn't be rescued. Thus Pelosi's and Obama's retort, "but we won" Americans voted for rescue. The Republicans don't want to be saved, they want to go down with their ship. Just let them already, they're a lost cause.

    February 18, 2009 03:39 pm at 3:39 pm |
  10. Laverne

    Republicans are sooo irrelevant, (except for Snowe, Collins and Spector). They make me sick!

    February 18, 2009 03:39 pm at 3:39 pm |
  11. B, Atlanta

    Some of you need to shut up. I voted Obama but these questions are valid. If a bum went and bought a house that he cannot afford, I should not pay through my pocket to keep him in the house. It is the same of thing, some idiot thinks she wants to have babies even thought she cannot afford and tax payers will pay for her whims and fancies. What kind of stupid justice this is? I am prudent with my money doesn't mean I should be punished. I feel bad that I voted this guy.

    February 18, 2009 03:40 pm at 3:40 pm |
  12. Maggie from Virginia

    Why don't the republicans come up with a plan, any plan that will benefit the average American? Do they have any original ideas other than tax cuts? It would be great if the next proposal to help America came from the republican side of the aisle? Democrats are rolling out ideas left and right. Republicans seem like a bunch of do-nothing nitpickers. It's time to put up or shut up.

    February 18, 2009 03:40 pm at 3:40 pm |
  13. historian

    Former President Clinton used a stimulous plan and when he left office, he had a surplus and a robust economy! I will never vote for McCann or Kyle as they are totally unbelievable, unwilling to work and reach across the aisle. They are childish. In the beginning, our forefathers worked together, now the Republicans are working apart and unwilling to come together for the millions that are desperately in need of help. I cried when I heard about the woman with cancer who didn't have health insurance and was considering pet meds. President Obama will have a plan to clear the debt – he is brilliant and his scholastic achievements reflect it. Give him that chance.

    February 18, 2009 03:42 pm at 3:42 pm |
  14. Vicki5

    I would like to get a few clarifications from Cantor, like why is it not a breach of ethics that his wife's business (she's a managing director) got over 100 (or 200) million dollars in bailout money? What about the Aerosmith and other disgusting ads he's about. I'm glad Aerosmith told him to stop using their song. As Melissa said, "Republicans, shut up."

    February 18, 2009 03:43 pm at 3:43 pm |
  15. LEFT out in the cold

    JP...what CAN repubs do against the 'party that won'? Nothing. "The party that won" put them in a corner, told them to turn their heads into the corner and come out when they are called. ...except for three that played well with them.

    Im sure you will be enjoying your $8k for refinancing your 'interest only ARM' loan...just say thank you to us and move on, JP.

    February 18, 2009 03:44 pm at 3:44 pm |
  16. Tim, Seattle

    Obstructionists, its as simple as that.
    The GOP was for almost all of the measures in the President's plan. They are just saying No to say no. BUrying their party in the process. And the American public is getting wise to it.

    Go as negative as you want GOP, its just etching your own party's tombstone. The people are listening to you and deciding your fate for you. You will be lucky if you hang on to Mississippi in 2010

    Your phiolosophy of low taxes and trickle down economics and de-regiulation FAILED us. Your party FAILED, Your President FAILED, your ideas are a FAILURE.

    Come back when you have new ideas

    February 18, 2009 03:44 pm at 3:44 pm |
  17. Deb

    For the last few weeks you have heard nothing but griping and whining from the republicans. In particular Eric Cantor who seems to disagree with everything and anything President Obama and his administration are trying to do to fix our economy. For the past eight years republicans have aided in what is presently happening to our economy. Now all they can do is comment.

    February 18, 2009 03:44 pm at 3:44 pm |
  18. Vicki5

    p.s. Let the Republicans oppose the plan, as it will just create more democratic wins in 2010. Everyone knows what they are about now. They certainly are not about doing their duty to the citizens.

    February 18, 2009 03:45 pm at 3:45 pm |
  19. candid

    I agree that the opposition should question our government whenever necessary, but right now the questioning by the GOP is at a height of stupidity. Ok, so Obama is wrong on all these agendas – fine. Do you have a solution? No. That's where the problem lies. The GOP criticizes everything Obama does but offers no lucrative solution that will help us, the American people. I am tried of this nonsense. PUT UP OR SHUT UP!

    February 18, 2009 03:46 pm at 3:46 pm |
  20. Natalie

    If you bought a house you could not afford, you absolutely deserve to lose it (and I should be able to capitalize by buying it cheaply!). Banks shouldn't dictate what you think you can afford. You should! Take some responsibility, here, people!

    February 18, 2009 03:46 pm at 3:46 pm |
  21. Peejay

    Eric Cantor (Boehner without the fake tan) played a key role in promoting bipartisan approval of the September bank bailout, you know, the one without any strings attached. A few days before Bush left office, New York Private Bank and Trust received $267 million from the bailout. Eric Cantor's wife works for a private subsidiary of NYPBT,
    a subsidiary which bills itself as "a haven for wealthy individuals and families". Why don't we have a few questions for Mr. Cantor?

    February 18, 2009 03:46 pm at 3:46 pm |
  22. Irma in North Carolina

    Here we go again the republicans working against the President, how long are we going to have to listen to them. I hope it will change in 2010 when they are up for election. This is really going to get old fast. We arent all in the shape That John Mccain is in were he owns 7 or 9 houses. What does he know about it he is the one who has to run off his mouth all the time. Sure would be a blessing if he didnt make senator for his state. But he will have good old Sarah out there campaigning for him, that should help him loose.

    February 18, 2009 03:48 pm at 3:48 pm |
  23. elana

    Just another "ugly day" for the Rethugs – the Wolves in Sheeps Clothing Party! They are committed to being ignorant, self-serving, and arrogant and will continue to do so for four years. Bipartisan is not their mantra, and I can hardly wait for 2010, when the American people send EVERY Republican who is up for either election or re-election packing, and give them the experience of "job loss" like so many Americans are dealing with this very minute. And finally, I'm looking forward to 2012, when Sara Palin, loses her bid for the primary and/or the general election, and President Obama wins 2012 in a landslide victory! By then, Congress will know all the ins and outs of the Rethugs, and President Obama's agenda will move successfully forward for another four years!

    February 18, 2009 03:48 pm at 3:48 pm |
  24. elana

    Just another "ugly day" for the Rethugs – the Wolves in Sheeps Clothing Party! They are committed to being ignorant, self-serving, and arrogant and will continue to do so for four years. Bipartisan is not their mantra, and I can hardly wait for 2010, when the American people send EVERY Republican who is up for either election or re-election packing, and give them the experience of "job loss" like so many Americans are dealing with this very minute. And finally, I'm looking forward to 2012, when Sara Palin, loses her bid for the primary and/or the general election, and President Obama wins 2012 in a landslide victory! By then, Congress will know all the ins and outs of the Rethugs, and President Obama's agenda will move successfully forward for another four years!

    February 18, 2009 03:48 pm at 3:48 pm |
  25. Tom

    "Obama unveiled his $75 billion multipronged plan in Phoenix, Arizona" – Costing Tax payers a reported $300,000 to fly there and unveil his plan...

    When the auto workers did it we got upset, when Obama does it we don't question it...

    February 18, 2009 03:49 pm at 3:49 pm |
1 2 3 4 5 6