http://online.wsj.com/article/SB10001424052970204661604577187273371383982.html?mod=WSJ_hp_LEFTWhatsNewsCollection
This article talks about Obama giving homeowners another year to enroll in the mortgage-assistance program and increase payments to banks in an effort to get them to more aggressively reduce borrower's loan balances. Obama's last few foreclosure prevention program have all fallen short of their goals. This programs have been revised for the past three years and are still not successful. Is this latest plan going to be the one that achieves its goal, or is it someone else's turn to give this a try?
I think that this article raise a good point. Obama hasn't had success in the his last three attempts but this new option of giving homeowners an additional year to enroll in the programs to try and reduce the borrowers loan balance seems promising. However, if this fails, I think it is time to let someone else try.
ReplyDeleteThere are multiple programs that assist people who are struggling from mortgages. I think this would be another program that would aid some of of the citizens who are not completely lost in their payments. It would be impossible to rescue the majority of the people who face foreclosure because the government decided to save the banks before the citizens. In short, I think this program would be usefull to some people, but not to the majority. They simply won't qualify.
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