America wants to help homeowners in need by Ivana Bruderova

In these days president Geoge Bush and the White house came with idea how to help people who became a victim of unfair mortgages and are endangered they will be left out. In state Iowa situation seems to be very serious. Many people took a mortgage with and adjustable rate and when the rates started to rise they weren't able to pay any more. Now the state want to help them. The government would allow borrowers whose rates are rising too fast to refinance the loan or to have frozen his current rates for five years. Although at the first sight this idea seemes to be very heplfull, this plan is still being critised by people from real estate industry. They claim this plan came to late, bacause many of the houses have been already foreclosed. „It's not a government problem'" said Gene Kaberline, Republican, who moved to Iowa. Other critising, this program helps only those whose rates will begin rising after January 1. and will not be able to help people who are just behind their payments. „A lot of people will benefit from this plan, but it won't help everybody that needs help." said Maryanne Hernandez who live in Iowa with her husband and two children. Their neighbourhood is just full of foreclosed houses. Peter Morici, University of Maryland School of Business analyst said: „Freezing adjustable mortgages at teaser rates will only push the problem to the next president," People are frustrated with the fact that there is no solution and no help for those who have had toubles with adjustable rates for longer time. I've been making calls for months, I called here, I called there. No one knows how to help." says Maricela Vargas, Californian single mother. She believes there is lot of women like her, wro trusted people to do their paperwork, people that seems to be honest.

by Ivana Bruderova for PocketNews (http://pocketnews.tv)

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