The President unveiled a plan to provide relief to Americans at risk of losing their homes to foreclosure.
Wired PR News.com — President Barack Obama revealed a plan on Wednesday intended to provide mortgage relief to millions of Americans. As reported by the Associated Press (AP), Obama spoke in Arizona Wednesday of his $75 billion plan that is expected to help an estimated nine million homeowners keep their homes in battling the foreclosure crisis.
The President is quoted in the AP report as stating of the plan, “The American Dream is being tested by a home mortgage crisis that not only threatens the stability of our economy but also the stability of families and neighborhoods… While this crisis is vast, it begins just one house and one family at a time.”
As noted in the report, economic data has suggested that more than 13 million homeowners have mortgage balances that are higher than their actual home values. The new Homeowner Stability Initiative contains provisions for granting incentives to lenders to assist borrowers facing foreclosure and also provide relief to non-delinquent homeowners in need of assistance.
Obama is further quoted as stating of the relief, “The plan I’m announcing focuses on rescuing families who have played by the rules and acted responsibly… It will not rescue the unscrupulous or irresponsible by throwing good taxpayer money after bad loans.”