From $75B to $275B: Obama’s $275 Billion Housing Plan to Help 9 Million Families
President Obama unveiled his much-anticipated plan Wednesday to fight the housing crisis, pledging up to $275 billion to help stem a wave of foreclosures sweeping the country.
All of us are paying a price for this home mortgage crisis. And all of us will pay an even steeper price if we allow this crisis to deepen—a crisis which is unraveling homeownership, the middle class, and the American Dream itself,” Obama said in prepared remarks released on Wednesday.
Obama, who on Tuesday signed a landmark $787 billion economic stimulus bill aimed at jolting the U.S. economy out of recession, formally unveiled his housing plan at a speech in Mesa, Ariz.
The housing crisis has played a central role in the financial and credit turmoil now spread across the globe, with many homeowners saddled with mortgages they cannot pay.
At the end of last year, just over 9 percent of all home loans in the United States were in arrears or already in foreclosure, the Mortgage Bankers Association has said.
A total of 8.1 million U.S. homes, or 16 percent of all households with mortgages, could fall into foreclosure by 2012, according to a report by Credit Suisse.
An Obama administration official said the total plan commits up to $275 billion for housing, including $50 billion from funds already committed in the country’s financial sector bailout. It aims to help up to 9 million American families.
 Continue reading at CNBC.com
If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.
Comments
No comments yet.
Leave a comment