red states rule
02-19-2009, 08:11 AM
Looks like the cost to the taxpayer is not the $50 billion Obama said it was. What a shocker
Tab for Obama's home aid: $275B
Program to help up to 9 million Americans pay mortgages
President Obama offered a long-awaited plan Wednesday to spend up to $275billion to help troubled homeowners refinance and stay in their homes.
The program, which was far more expensive than the $50 billion the administration initially suggested, aims to assist up to 9 million homeowners who are behind on their mortgage payments, in danger of losing their homes or stuck with mortgages that they cannot refinance because their home's value has dropped below the outstanding loan value.
Fannie Mae and Freddie Mac would play a critical role in helping some of the one in five homeowners who are "under water" in this way. The mortgage finance companies, which are now under federal government control, would receive $200 billion in funding to cover expected losses.
The remaining $75 billion of the plan would come from the Treasury Department's bank bailout fund. This money would be used to subsidize homeowners and lenders who negotiate lower payments on defaulted loans.
http://www.washingtontimes.com/news/2009/feb/19/obamas-homeowner-aid-swells-to-275-billion/
Tab for Obama's home aid: $275B
Program to help up to 9 million Americans pay mortgages
President Obama offered a long-awaited plan Wednesday to spend up to $275billion to help troubled homeowners refinance and stay in their homes.
The program, which was far more expensive than the $50 billion the administration initially suggested, aims to assist up to 9 million homeowners who are behind on their mortgage payments, in danger of losing their homes or stuck with mortgages that they cannot refinance because their home's value has dropped below the outstanding loan value.
Fannie Mae and Freddie Mac would play a critical role in helping some of the one in five homeowners who are "under water" in this way. The mortgage finance companies, which are now under federal government control, would receive $200 billion in funding to cover expected losses.
The remaining $75 billion of the plan would come from the Treasury Department's bank bailout fund. This money would be used to subsidize homeowners and lenders who negotiate lower payments on defaulted loans.
http://www.washingtontimes.com/news/2009/feb/19/obamas-homeowner-aid-swells-to-275-billion/