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President Obama is trying to bring the housing market out of its multi-year slump. This plan, which is a package of programs will be revealed this week. The plan is intended to assist the home mortgage refinancing industry. Here’s a video of a portion of the speech that President Obama made regarding this new plan.
The president’s plan will include a new program which sell foreclosed FHA properties to prospective investors provided that they keep the homes as rental units. This is quite an interested and innovative program.
The portfolio of programs is being created in order to try to jump start the stalled housing market. According to Case / Shiller, the aggregate values for home properties in the USA has decreased by 33% since the housing market hit its peak during 2006. Some staggering figures indicate that roughly 11 million people are underwater on their mortgages. That means that they ow more money on their homes than their homes are currently worth on the open market.
Separately, the Obama administration announced a new program called HAMP. HAMP stands for Home Affordable Modification Program. The purpose of this program is to try to create incentives to help those people who are underwater on their mortgages. This is the latest in the loan modifications program to try to help people who are having a tough time with their current mortgage.
Obama’s home mortgage refinancing plan is the latest attempt to try to improve the sluggish housing market. Will the changes make a difference? Only time will tell. Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2012/02/01/bloomberg_articlesLYPSMX0YHQ0X01-LYPTH.DTL#ixzz1lCZsIPsv
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