President Obama has kept the following promise:
Create a $10 billion fund to help homeowners refinance or sell their homes. "The Fund will not help speculators, people who bought vacation homes or people who falsely represented their incomes." — "Obama: Protecting Home Ownership and Cracking Down on Mortgage Fraud"
Source: http://www.barackobama.com/pdf/MortgageFactSheet.pdf
Other promises regarding housing.
UPDATES:
Updated: February 19, 2009
Obama unveils $75 billion plan to aid homeowners
In 2008, presidential candidate Barack Obama talked about a plan to help homeowners with subprime mortgages refinance loans or sell their homes. About $10 billion should suffice, he said at that time.
The months went by, the economy worsened, and Obama won the election. On Feb. 18, 2009, President Obama unveiled his plan. Price tag: $75 billion. By putting $75 billion toward the program, Obama exceeded the terms of his campaign promise.
The plan allows some homeowners to refinance loans by providing incentives to both lenders and borrowers. It excludes investors, speculators, people who fraudulently obtained loans, and people who purchased homes so beyond their means that even refinancing won't help them.
"The plan I’m announcing focuses on rescuing families who have played by the rules and acted responsibly," Obama said. "It will give millions of families resigned to financial ruin a chance to rebuild. It will prevent the worst consequences of this crisis from wreaking even greater havoc on the economy. And by bringing down the foreclosure rate, it will help to shore up housing prices for everyone."
The plan may end up more expensive than $75 billion because it also provides a guarantee of up to $200 billion in capital for federal mortgage holders Fannie Mae and Freddie Mac. That guarantee may or may not be necessary, said Treasury Secretary Timothy Geithner.
A few parts of Obama's overall plan require approval from Congress, but most of the money comes from the Troubled Assets Relief Program, or TARP, that Congress approved in 2008, Geithner said.
Sources:
The White House Web site, President Obama's Housing Plan, Feb. 18, 2009
The White House Web site, Press Briefing with Treasury Secretary Geithner, HUD Secretary Donovan, and FDIC Chairman Bair, Feb. 18, 2009
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I am not sure how this is working out so well. Obama is ruining our country this "plan" has done nothing so far to help us
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Obama is making a huge effort to solve this problem.
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It will give millions of families resigned to financial ruin a chance to rebuild. It will prevent the worst consequences of this crisis from wreaking even greater havoc on the economy. And by bringing down the foreclosure rate, it will help to shore up housing prices for everyone."
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ampaign promise.
The plan allows some homeowners to refinance loans by providing incentives to both lenders and borrowers. It excludes investors, speculators, people who fraudulently obtained loans, and people who purchased homes so beyond their means that even refinancing won't help them.
"The plan I’m announcing focuses on rescuing families who have played by the rules and acted responsibly," Obama said. "It will give millions of families resigned to financial ruin a chance to rebuild. It will prevent the worst consequences of this crisis from wreaking even greater havoc on the economy. And by bringing down the foreclosure rate, it will help to shore up housing prices for everyone."
The plan may end up more expensive t
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It's not only up to him help us, we need to accept the fact that we're still in a financial crisis and things don't usually go as planned in these circumstances. The plan helped me at some extent, I dared to hope that I can afford to get a new property, I even found something fit through Austin real estate and I am really excited about it.
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Treasury Secretary Timothy Geithner has acknowledged that the program ‘won't come close' to fulfilling its original expectations, pass4sure BH0-006 that its incentives are not ‘powerful enough' and that the mortgage servicers are ‘still doing a terribly inadequate job. pass4sure HP0-P14 But Treasury officials refuse to address these shortfalls. Instead they continue to stubbornly maintain that the program is a success and needs no material change, pass4sure JK0-015 effectively assuring that Treasury's most specific Main Street promise will not be honored. it is doing more harm than good, because ultimately, at the end of the day, pass4sure JK0-016 they are going back into the foreclosure morass.
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"The plan I’m announcing focuses on rescuing families who have played by the rules and acted responsibly," Obama said. "It will give millions of families resigned to financial ruin a chance to rebuild. It will prevent the worst consequences of this crisis from wreaking even greater havoc on the economy. And by bringing down the foreclosure rate, it will help to shore up housing prices for everyone."http://www.bbleo.com/category/love-quotes/
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