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Obama unveils plan for troubled housing market

President Barack Obama on Wednesday, Feb 17th unveiled the next step in his multi-pronged efforts to lift the United States out of recession, pledging up to $275 billion to help stem a wave of home foreclosures that sparked the U.S. financial meltdown. $200 billion to Fannie Mae and Freddie Mac and $ 75 billion to help 5 million borrowers refinance. 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. Are steps taken by the Federal Government going to help, hurt or have no effect? With this information are you more likely to buy or sell real estate in 2009?

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This entry was posted on Wednesday, February 18th, 2009 at 11:17 am and is filed under Industry News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

2 Responses to “Obama unveils plan for troubled housing market”

  1. Jason Price Says:
    February 19th, 2009 at 1:06 am

    Here’s an interesting analysis of Obama’s housing plan posted on Yahoo!: http://news.yahoo.com/s/ap/20090218/ap_on_go_pr_wh/foreclosures_analysis

  2. Marjorie Harle Says:
    February 2nd, 2010 at 2:47 pm

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