President Obama is set to introduce his “Homeowner Affordability and Stability Plan” in a speech in Mesa, AZ today at about 10:15 (MST).
The full text of Obama’s speech is available here. (Note this is the prepared text of the speech. What is actually delivered could differ, though I suspect it will be very close to this.)
Some details of the Homeowner Affordability and Stability plan are available at the whitehouse.gov blog.
I’ve got interviews with two radio stations and the East Valley Tribune scheduled for later this afternoon for my reaction, and of course I’ll share that reaction here as well.
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I think we are all curious to see/hear what the plan is and how effective it will actually be. I will have to check back in couple of hours to hear what the story is.
**Ryan´s last blog post..Mambo Italiano in Bellingham – Fairhaven
I still don’t get how this is going to help the US economy or the local real estate markets. It seems to me Obama and the Congress are not addressing the main thing that needs to be addressed. The lack of demand for all the homes currently for sale in all the real estate markets around the country.
**James Boyer´s last blog post..Chatham NJ Real Estate Update / January 2009
I’d love for you to read my letter to the president. It’s my take on this as a patiently waiting first time home buyer.
http://laurieray.blogspot.com/2009/02/dear-mr-president.html
**Laurie´s last blog post..Dear Mr. President,
It’s nice to hear that the president is so concerned, but I don’t think this initiative is going to have much of an impact at all. I read the local paper’s report and the report at the White House blog, and I just don’t see how this will help more than a handful of people.
It doesn’t look like you’ll get any relief if:
* You owe more than 105% of your home’s value.
* You have a 2nd mortgage in addition to your first.
* You’ve lost your job, taken a job with a lower income, or otherwise had an income reduction.
Who’s left?
Oh yeah, and if you do get relief, it’s going to be in the form of an interest rate reduction &/or a conversion to a Fixed rate. Those paying interest only might even see their payments RISE!
I wrote more about this today at ThePhoenixAgents.com, too. And I’m working on a follow-up with more details…
Jay, I’m anxious to hear your thoughts on the topic..
**Chris Butterworth´s last blog post..President Obama to focus on foreclosures
“A” for an effort, but I don’t believe that this could give obama an impact to his government. People are crying out because of the effect of the subprime crisis.