Obama Mortgage Bailout Plan 64% Hate it!
On Wednesday, March 5th, the Obama administration gave lenders the OK to start modifying home mortgages under the $75 billion Obama Mortgage Bailout Plan. The United States Treasury said borrowers would be required to prove hardship to the lenders. Such instances include job loss or reduction in income. Overall, President Obama feels that this will put a bottom in the housing market and will help many struggling Americans avoid foreclosure on their homes.
Most Americans might not agree with the mortgage bailout program,
in fact most think it's a horrible plan which will cause more
foreclosures. Nearly 2/3rds consider
the program unfair to those who
follow the rules, 64% say they disapprove of the package, and only
28% percent think the bailout program will steady home prices.
Americans do not like to see only certain individuals receive special treatment, especially when it is about money and unlike the federal bailouts to GM, Chrysler, Ford and just about every other bank you ever heard of, the Obama mortgage program seems to benefit individual Americans who may not have made the best of financial decisions when purchasing a house.
It will be of interest to everyone to see how the American public feels after this fails to stabilize the housing market. With unemployment continuing to rise, it is impossible to see how the housing market could possibly rebound. With no jobs equaling no money, how can people make payments on even a modified mortgage payment. One thing is for sure, Wall Street does not like what the Obama Administration is doing and continues to fall every time anyone from the government shows up on television.
Do you feel the Obama Mortgage Bailout Plan is fair or unfair?
Send us your comments and we will post the most compelling arguments for both sides? Support@making-homes-affordable.com
