Assistance is coming for those hit hardest by the housing crisis. 5 states are to recieve money from the new program to help borrowers Michigan, Arizona, Nevada California and Florida. These states were selected because of the issues they are facing with foreclosures and high levels of individuals who owe more money than the value of their own homes. "President Obama announced Friday a $1.5 billion program to help borrowers in the five states hit hardest by the housing crisis."
After watching the House of Cards video in class last week it is interesting to see that the problems that were discussed in the film are still around several years later. Although this is definately a sign that something needs to be done about this issue if it is still as big a problem as it was years ago, it is nice to see that some effort is being made to remedy the situation. The article at cnn.com shows that there are mixed views about whether or not the initiative will be successful. What are your own opinions on the issue? Do you believe that Obama's new program will be a success?
http://money.cnn.com/2010/02/19/real_estate/housing_help_unemployed/index.htm
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I think that it is a good idea to target the states that need help the most in their housing markets. However, I don't think that the solution to this problem is throwing money at it. There needs to be regulation changes in the housing and investment markets.
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You are so right Caleb, there needs to be change in real estate and mortgage loan companies to remedy the problems in the housing market. However, I do think that Obama's plan will remedy the affects of the states hardest hit by foreclosures on a short-term basis.
ReplyDeleteI agree with the above comments; there are lot more problems then just the numbers and dollars of housing markets. As we saw in House of Cards, it's the people and the policies that were detrimental to the market, not just how much money was in the bank. T
ReplyDeleteIt's good to hear about this news, but i agree with the comments above that something need to be done to totally solve this problem.
ReplyDeleteI too agree with most of what everyone said above. Putting money into it right now will help in the short run and start a rebound, but overall if we do not want this to happen again and to improve as a country in the long run there needs to be some policy changes than come along with it in order to insue we do not end up in the same situation again.
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