Just a day after signing the $787 billion stimulus package in Denver, President Obama traveled to Phoenix today to announce his plan to help struggling homeowners avoid foreclosure. The $75 billion plan has been called ambitious and it certainly has its critics. Millions of homeowners could be affected by the plan, which would create incentives for mortgage brokers to renegotiate home loans and put more funds towards government-owned Fannie Mae and Freddie Mac. Parts of the plan may change as lawmakers sink their teeth into it, but many changes can be made by the president himself.
How will this national plan affect you? Are you facing foreclosure, or struggling with monthly payments? How much lower would those payments have to be for you to stay in your home? Do you work at a bank or a housing counseling organization? What do you see in this plan for you and your clients?
- Gabe: Logger who is facing foreclosure on his home in Douglas County (and prefers that we not use his last name)
- Tom Cusack: Author of the Oregon Housing Blog and former Field Office Director, U.S. Department of Housing and Urban Development
- John Charles: President and CEO of Cascade Policy Institute