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. Letsgetreal

    So, in the midst of all these criticisms dressed up as questions, do you see any Republican solutions offered? Wouldn't it be refreshing if just one time, a Republican said, to make this work even better you might also do ...
    The party of tired ideas (yeah, your tax cuts over the past eight years have worked just brillantly- I can see why you pushed so hard for them in the stimulus) should either get on board and get constructive or just plain go away. They have done enough damage.

    February 18, 2009 03:51 pm at 3:51 pm |
  2. j

    Hey Steve,

    The Red States also have the worst education system (Alaska), the highest rate of obessed children (kentucky and Missippi), the highest rate of divorcee (Alabama). All factors in the downward economy. Good job republicans.

    P.S. Florida was a red state that voted for Bush and is run by a republican Governor taking the recovery money. Same with Vermont and even Alaska...

    February 18, 2009 03:52 pm at 3:52 pm |
  3. tom

    Obama is as phony as a three dollar bill. He was the one who took thousands in campaign contributions from lobbyists of Fannie and Freddie. He is fraud.

    February 18, 2009 03:52 pm at 3:52 pm |
  4. Regular People

    "• What will your plan do for the over 90 percent of homeowners who are playing and paying by the rules?"

    The first question is rather vain and short-sighted, I think. The obvious answer would be "If successful, the plan will save an untroubled homeowner's equity."
    Just because they built a fence, it didn't make their neighbors disappear. A bird's eye view will show a down market take over a town, and then a state in Michigan, in Florida, in Nevada... So maybe it takes some very basic perspective to see: We're all in the same leaky boat.

    GOP get a clue: The answer is NOT to ignore the leak and hope that it goes away. Come up with a better solution or get out of the way of the people that are doing it already.

    February 18, 2009 03:52 pm at 3:52 pm |
  5. John

    President Obama's answer to Eric Cantor should be as a question to him and that question should be, "Eric, why didn't you tell the house ethics committee that your wife's bank had it charter changed shortly after the TARP funds were distributed so that it could receive upwards of 267 million dollars. Isn't that a conflict of interest.

    Otherwise the answer to both letter should be short and sweet " Eric, John, GO TO HELL.

    February 18, 2009 03:53 pm at 3:53 pm |
  6. DIZIZI31

    Republican's question because the like Homer Simpson "Doh! I should have thought of that and since I didn't I'll question how this is going to work. Stop questioning and start helping, or are the republicans too busy bailing out your wives and friends that work for bailout banks? All that noise to cover-up a cover-up. Same ole republicans. Nothing ever changes.

    February 18, 2009 03:55 pm at 3:55 pm |
  7. inat

    how about giving me the ability to deduct the lost value of my home? rediculous – just another way of rewarding under achievement and mediocrity. No, we are not all winners. If you cannot pay your mortgage, do what generations have done before us – accept your loss and move on.

    February 18, 2009 03:56 pm at 3:56 pm |
  8. mary

    The Republicans attitude is nauseating. That just goes to show you that the conduct that they are following is that of John Boehner's, it is not of their choice, if it was, the Republicans would follow their own lead. They are only following a cliche. Republican's follow your own lead and let it be by your own God given right to choose and be proud of that right. Let us all work the puzzle together and then watch the puzzle all fall into one big beautiful picture.

    February 18, 2009 03:56 pm at 3:56 pm |
  9. Tim, Seattle

    @ MAtthew in Detroit who said "You paid your loan. You pay your bills. You work hard. Nope. NO money for you"
    -–
    Umm...MAtt...I can pay my loan and my bills. I consider myself very lucky. I am not in foreclosure, I still have my job and my healthcare.
    So no, I am not in a position to whine about those in trouble getting the help while demanding I get some too. I am glad they are getting help. I dont need it right now so I shouldnt get any. MOre money for those in need is how I look at it.

    -Getting them help will help my home value
    -Getting them help will help them afford their home so they are not homeless
    -Getting them help will help them from having to apply for welfare and food stamps and medicaid (all those things you hate Matthew)

    You conservatives cry about wasteful spending, but when someone who needs help gets it you still expect those who dont need the help to get it too. Thts wasteful, MAtt. Are you having a crisis of your GOP 'fiscal principles'?

    February 18, 2009 03:57 pm at 3:57 pm |
  10. Kaye -Jacksonville FL

    Who didn't know before he even announced his intentions that the Republicans would scream "NO" and start their endless and inane party rant.

    Their completely nuts – and on the verge of complete irrelevancy. Really, who but their own kind give them an ounce of credibility? Those numbers are shrinking –

    Get off your Republican high horse and help get this country back on track!

    February 18, 2009 03:58 pm at 3:58 pm |
  11. Scott, Tucson

    And the same people who were running the home loan business that got us in this mess in the first place will be running this operation too...right into the ground. With this spending spree that Obama is on, he's going to make Bush look like a fiscal tightwad.

    February 18, 2009 04:00 pm at 4:00 pm |
  12. david thomas

    Now as I understand it, the Republicans created this financial mess and did nothing to solve it except give billions to large banks to use as they pleased with no accountability. Now, the same Republicans are complaining because President Obama is proposing solutions to the problem they created. Is there something I have missed here?

    February 18, 2009 04:04 pm at 4:04 pm |
  13. Rick in Atlanta

    Newsflash......does the press ever think that Obama will get good marks from the Republicans?!! This will be the on-going story about the Republicans for anything that Obama does.
    The Republican do not have nor have they offered any solutions.

    February 18, 2009 04:06 pm at 4:06 pm |
  14. once upon a horse

    @ I give up.......

    yeah your GOP idol "Joe the Plumber" was on welfare TWICE!! Then had somebody else pay his back taxes. Perhaps you SHOULD try living on the state and see how much you like it.

    February 18, 2009 04:07 pm at 4:07 pm |
  15. NoLeftTurn

    Liberals-the dems never shut up about anything Bush did, so why should we not question what obama did. Last time I heard it was free to speak..but with Holder as AG that might change. I hope the plan works for the people that really need the help. Oh by the way, I am over 65, just retired, that 250.00 is really going to help me. It will cover medicines for about a month. Thanks Mr Pres.

    February 18, 2009 04:07 pm at 4:07 pm |
  16. david thomas

    By the way Debby, the plan you propose and the one the Republicans are proposing now is the same plan that got us into this mess. It will not work. Not only will it not work in 2009, it did not work in the 1920's, 1950s, 1980s. Trickle down has never worked and never will. Tax cuts for the wealthy and big business do not help the economy. Never have, never will. Why can't you guys read history and learn from it?

    February 18, 2009 04:09 pm at 4:09 pm |
  17. ran

    I am not sure what the Republicans are trying to do here other then be obstructionist. It seems this is going to be their stand on every issue. Hopefully President Obama will find ways to get around their obstructionist ways in order to get thing done to help us the people until 2010 when we the people can get 60-90 democrats into the senate.

    February 18, 2009 04:10 pm at 4:10 pm |
  18. thomas

    If the Republicans didn't understand how they were breaking the nation, why should they understand how to fix it. They have the right to disagree with this plan just like they have a right to continue their irresponsible behavior.

    February 18, 2009 04:12 pm at 4:12 pm |
  19. gl, Pittsburgh

    I really don't care with the Taliban Republican Party have to say. Like President Obama said the other day, he learned that he will not continue to focus on Bipartican just get the job done. If that mean without the help of Republican then so be it. Move on away from the Taliban Party.

    February 18, 2009 04:13 pm at 4:13 pm |
  20. Robert Burbank, CA

    The only thing Republicans know how to do well is criticize. They criticize and offer no solutions.
    I was very please to see this past election that there are less red States.
    American people are waking up.

    February 18, 2009 04:14 pm at 4:14 pm |
  21. Robert Burbank, CA

    OOops.
    Hope all republicans who are against this bill and the stimulus package return all the checks are sent to them.
    I just wonder if they go ahead and cash their stimulus checks since they are against it.

    February 18, 2009 04:16 pm at 4:16 pm |
  22. WhoCares?

    EVEN BEFORE......

    Americans......The Republicans want the country to fail.

    Please, please understand that when the next elections come up.

    They have abandoned you for the single purpose of increasing their political power.

    Vote these Anti-American Traitors out.

    February 18, 2009 04:17 pm at 4:17 pm |
  23. Regular People

    Obviously someone doesn't know about the thousands of foreclosures in Texas. Google REO Texas and take your pick. You'll find a great deal- there's plenty of them.

    Or Arizona for that matter.

    Or Georgia.

    February 18, 2009 04:18 pm at 4:18 pm |
  24. Sniffit

    In another article it talks about how Obama is using the facts and evidence generated by a successful program in PA to make his decisions about how to address the forcelosure problem nationwide. Yet, somehow, this gets left out of the article that seeks to instigate controversy based on the GOP's naysaying. Why you ask? Well, because it negates the legitimacy of the GOP's response to Obama's planning and decision-making, so it would ruin the readership generated by PRETENDING that the GOP's position has merit. The GOP thinks the world should work the way they want it to work and that reality should bend to their will because they said so...not that decision-making should be based on empirical evidence and feedback from reality. This is their fundamental failure and why we are where we are today.

    February 18, 2009 04:18 pm at 4:18 pm |
  25. Rob

    Three things that will NEVER happen:

    1) Keith Richards getting and remaining sober.
    2) TRUE world peace
    3) A smart liberal.

    Just wave something flashy in front of them and they coo and oogle all over ya; do anything you ask them to. Obama's already learned that trick.

    America's having the wool pulled over her collective eyes, and you libs and so giddy you're soiling yourselves of this no talent hack. So the kids of the future will have to re-pay it, who cares!

    February 18, 2009 04:19 pm at 4:19 pm |
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