In this past Sunday’s Detroit Free Press, President Obama submitted a commentary piece on the state of the current housing market in the United States and the urgent need to provide aid to struggling homeowners. Specifically, the importance of assisting those who borrowed responsibility and are now trapped in their homes, primarily due to those who acted irresponsibly.
The piece echoed his weekly address, delivered a day earlier.
The President intends to send a plan to congress, which will offer those responsible homeowners the chance to refinance their mortgage and save roughly $3,000/year on their payments.
To date, very few people have qualified for loan modifications and with millions of homes now worth less than the amount owed on them, refinancing wasn’t a realistic possibility. Now, it will be.
Keeping people in their homes should be a priority. It’s better for property values, it’s better for safety and it’s better for the greater good of our neighborhoods and communities. Few can argue that.
Additionally, he proposes a “Homeowners Bill of Rights” that will streamline and simplify the mortgage process – ideally, providing full transparency throughout the home-buying experience.
However, it’s up to Congress to pass his plan and the President encourages you to contact your congressional representative and urge your support. Take a look at this link to the Fact Sheet on the housing plan. If you agree with it, contact your representative and let them know.
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