Previously the Obama administration announced efforts to stop home foreclosures--today they believe the reciprocal. "Last week the head of the Treasury Department's Homeownership Preservation Office, told a congressional panel that 'an important part of ensuring longer-term stability in the market is to enable properties to be resold to families who can afford to purchase them.'" This obviously makes sense. Obamas initial plan to reduce distressed borrowers monthly payments by 31% percent only acted as a band aide. To sustain long term success the market essential has to start over again. By allowing more foreclosures home owners will be able to purchase homes at a fair market value.
Obama Housing
No comments:
Post a Comment