Chris Cantell Discusses Real-Estate: Help in Housing crisis?
by Silvia Szarkova
Although the mortgage rescue to help thousands of homeowners avoid foreclosures and get safer loans was passed on Friday, and although the result was clear to act immediately, there is a long way to run before the help will really come. So the turmoil in housing market is not over.
The plan for rescuing allows homeowners to keep their living and ask for more affordable mortgages supported by Federal Housing Administration. It is a particular help for banks, too, because they avoid costly foreclosures in a promise of returning at least some money in the future. This program would means that Federal Housing Administration insure more than 300 billion dollars in new mortgages, but in the other hand, it would help to 400, 000 homeowners.
The result of voting shows that Republicans and Democrats are really interested in solving this situation, and can come together to keep the core of the problem in first place of importance. But there is still a White House’s veto right and the announcement- in which it warn that President Bush would veto the Senate- passed bill without a look on it- presumes that he will use it. According to him, the bill would help lenders, not homeowners.
Senator Barack Obama, Democrat candidate for president said Bush should drop his opposition to ease the economic pain. "I call on the administration to support this bill along with a second emergency stimulus package to jumpstart the economy and build on this important start to advance more rigorous measures to protect homeowners from foreclosure," he said.
Although it is election year and everything said and (not) done can measure twice, politician should not forget that people are still the same and most important in cases like this.
related story: http://news.yahoo.com/s/ap/20080711/ap_on_go_co/congress_housing;_ylt=Ar8mAOK9vgmJQR2YB8Ddprms0NUE
| by Silvia Szarkova for PocketNews (http://pocketnews.tv) |
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