Speaking to more than 2,000 at Desert Vista High School in Phoenix, Obama laid out a six-point plan that he said will help first-time homebuyers and people who lost out when the bubble burst get home loans, make rental homes more affordable for people who don’t own houses, and ultimately wean American off the government-backed mortgage system that the president faulted with causing the housing crash in the first place.Read More »
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By September 2010, the Arizona Department of Housing was sitting atop $268 million in federal money, which it was seeking to unload to help struggling homeowners here.
But since the program’s inception last year, it has helped only four homeowners and reduced their principles by a combined $62,000. On average, it lowered their monthly payments by $420.
Mortgage finance giant Fannie Mae has opened a mortgage help center to help struggling homeowners with loans owned by the company.Read More »
Congress delivered to the President on July 15 a 2,000-page sweeping rewrite of rules governing the financial system, including banking. This is more government than is needed and an intrusion into the free-market system.Read More »