President Obama Housing Plan

President Obama is not wasting time on the housing plan. He is really taking a big step and action in address the housing plan. He stated that "the plan is go to be into effects in two week, was necessary because the problems in the housing market threaten families, and communities, and lower home values even for people who make payment without trouble. He said the plan rescues "families who played by the rules and acted responsibly, but would not give aid to greedy land speculator, or to families who foolishly borrowed far more than they ever could afford, or to manipulative lenders who tricked those families into taking those loans and now refusing to be accountable. The program creates guidelines for the morgage industry that encourange lenders to modify morgages on primary residences. The package will offer government cash to get to mortgage companies to cut interest rates, and therefore monthly payments for people in danger of losing their houses. The president is also, backing legislation to give bankruptcy judge the power to alter morgage terms. More than one million people in the US have lost their homes in the housing crisis, and President Obama said a further six million homes were at risk of foreclosure.
"All of us are paying a price for this home mortgage crisis," he said.
The plan is designed to assist "underwater" homeowners - those who owe more on their mortgages than their homes are now worth, as well as those on the verge of foreclosure.
President Obama said it could provide a buffer of up to $6,000 against declining values on the average home.
He also revealed a further $200bn in Treasury funding to mortgage giants Fannie Mae and Freddie Mac, which underwrite more than half of all US mortgages.

I think, this housing plan is a very good and brilliant idea of help homes buyer stay in their home.