Cartoon Obama Unveils Home Refinancing Plan
President Obama called upon Congress yesterday to help make it easier for millions of American to refinance their mortgages. His plan calls for lower interest rates and easier refinancing for homeowner who owe more than their home is worth.
The Housing problem is not only MASSIVE, but as out of control as it’s ever been.
U.S. Homeownership has dropped to as low as 60% in some places, indicating the housing downturn has bottomed out. At our peak in 2004, homeownership was at an all-time high of 69.2%.
President Obama is urging Congress to approve a $5-$10Billion dollar plan to help homeowners.
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