Whatever happened to personal responsibility? The government takeover of the U.S. Economy is moving at light speed. Scary.-Lou
Housing Plan: $275 Billion to Help 9 Million Families
President Obama unveiled his much-anticipated plan Wednesday to fight the housing crisis, pledging up to $275 billion to help stem a wave of foreclosures sweeping the country.
"All of us are paying a price for this home mortgage crisis. And all of us will pay an even steeper price if we allow this crisis to deepen—a crisis which is unraveling homeownership, the middle class, and the American Dream itself," Obama said in prepared remarks released on Wednesday.
Mindful of critics who might charge that the scheme would help people who just took on far more debt than they could afford, Obama said his plan was aimed at "rescuing families who have played by the rules and acted responsibly," refinancing traditional mortgages for up 5 million homeowners who now are close to owing more than their homes are worth.
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