Obama State of the Union Plan Inadequate for Housing?

Filed under: ,

Obama state of the unionBy Jon Prior

Even if the promising mortgage refinancing plan that President Obama announced Tuesday night passes Congress, critics say it will fall short of solving the deepest housing problems.

The White House did not release great amounts of detail, but the plan would help homeowners current on their mortgage to refinance down to a lower rate and save an average $3,000 a year on payments. The plan widens the Home Affordable Refinance Program to include mortgages not guaranteed by Fannie Mae and Freddie Mac and would tax banks to raise funding.

Analysts said Wednesday morning that the program could cost as much as $10 billion and could reach between 2 million to 3 million borrowers.

Read the full story on HousingWire.

Also see:
Bernanke: Fed Should Help Turn Foreclosures Into Rentals
Principal Reduction Better Than Short Sales, Report Says

More on AOL Real Estate:
Find out how to
calculate mortgage payments.
homes for sale in your area.
foreclosures in your area.
Finds homes for rent in your area.


Permalink | Email this | Comments

Source: http://realestate.aol.com/blog/2012/01/25/obama-state-of-the-union-plan-inadequate-for-housing/

prepayment penalty multidwelling units Treasury index Realtor® late charge grantor amortization schedule

Comments are closed.