The President Announces Plan to Ease Housing Crisis

President Obama today unveiled a housing plan that his Administration hopes will stem the spread of foreclosures and falling home values for all Americans, and "help responsible homeowners stay in their homes."

According to a statement released by the White House, this plan could directly help up to 9 million people by providing 4 to 5 million homeowners with refinancing help, giving new incentives for lenders to modify the terms of loans at risk of default or foreclosure, taking steps to keep mortgage rates low for millions of middle-class families looking to secure new mortgages, and promoting additional reforms designed to help families stay in their homes.

"In the end, all of us are paying a price for this home mortgage crisis," President Obama said today in Phoenix, AZ. "And all of us will pay an even steeper price if we allow this crisis to continue to deepen." He added, "But if we act boldly and swiftly to arrest this downward spiral, every American will benefit."

In a conference call just after the speech, the White House and officials from the Treasury Department went over details of the plan with a group of diverse organizatons, including the Disciples Center for Public Witness. There were many questions about the plan from both business interests and community organizers, but overall there was support both for the President's plan and for action sooner rather than later.

For an executive summary of the Obama plan, PLEASE CLICK HERE.

For a fact sheet explaining elements of the plan, PLEASE CLICK HERE.