Obama Plans to Save Millions of Homeowners from Foreclosure
After signing the stimulus bill, President Barack Obama said he will immediately address the foreclosure crisis in the country which left thousands of Americans homeless while still threatening more homeowners who are facing eviction from their houses.
Meanwhile, the federal government provided mortgage lenders with financial aid amounting to billions of dollars.
After signing the $787 stimulus bill on Tuesday, President Barack Obama said he will immediately address the foreclosure crisis which left thousands of people homeless while threatening others who are facing eviction from their houses.
In his speech, the President said the federal government will help responsible homeowners with their mortgage payments.
One solution which can solve the foreclosure problem is giving financial grants to mortgage companies to reduce its interest rates which can make it easier for homeowners to pay, especially for those who are in danger of losing their houses. Meanwhile, Obama did not reveal how an individual can quality for the government relief.
According to a public official who asked for anonymity, the government-sponsored mortgage firms Fannie Mae and Freddie Mac will receive financial grants to keep these companies afloat. Another solution that will be employed by lawmakers, the official said, is the revision of the current national standards for the housing loans in the country.
But despite the passage of stimulus bill, Obama warned that recession will not easily disappear, adding that more things should be done to address each economic problem.
Earlier report said that some mortgage companies already halted foreclosure orders which allowed homeowners to stay in their houses, following Obama’s promise that stated his dedication to help the housing industry.
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