Obama Stuffs Some Cool Cash Into Housing
February 19, 2009 by admin
Filed under Positive Real Estate
President Barack Obama targeted the housing crisis at the root of the US economic meltdown, with a program which could cost 275 billion dollars and reach nine million homeowners.
The strategy includes 75 billion dollars designed as an incentive for lenders to reduce interest rates to prevent at-risk mortgage debtors joining the millions who have already fallen victim to foreclosures.
The government will also put up an additional 200 billion dollars to bolster efforts by federal lenders Freddie Mac and Fannie Mae to offer affordable mortgages and bring stability to the housing market.
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