Obama’s 275 billion dollar housing plan

“When the housing market collapsed, so did the availability of credit on which our economy depends…We will help between seven and nine million families restructure or refinance their mortgages so they can avoid foreclosure,” Obama said.

The housing plan is meant to help homeowner’s who can’t afford to pay thier mortgage, sell thier properrties or refinance their properties because of declining market values.

75 BILLION dollars as an incentive for conventional lenders to reduce interest rates to prevent “at-risk” mortgage homeowner’s from going into foreclosure. Six million foreclosures are expected over the next four years.

200 billion dollars is being allocated for federal lenders (Freddie/Fannie) so they can offer affordable mortgages all in the name of bringing stability back to the housing market and stimulate the economy.

This is supposed to be a 275 BILLION dollar short-term solution.

What’s the long-term and what will the lives of our children be like? If you take from one hand the other is going to come up short.

For more information about the Homeowner Affordability and Stability Plan click here