“The Obama administration wants to help more struggling Americans stay in their homes by reducing the amount they owe on their troubled mortgages, a top Treasury official said.
“We are very definitely trying to facilitate more principal reductions,” said Timothy Massad, Treasury’s acting assistant secretary for financial stability. “It is a very important piece of the overall solution,” he said.
The administration is trying through taxpayer-funded programs to prevent homeowners from losing their homes. Nearly $50 billion has been set aside from the $700 billion bank bailout known as the Troubled Asset Relief Program, or TARP, to help distressed homeowners.
Persistently high unemployment and a weak housing market pose a threat to President Barack Obama’s re-election prospects next year.
So far, one of the programs has helped some 670,000 distressed homeowners win lower mortgage payments. But that has done very little to help the overall housing market, which remains depressed even as other parts of the economy have started to recover.
A glut of houses for sale, foreclosures, tight credit and little demand have impeded the housing recovery. Recent data showed that home prices dropped below the low seen in April 2009 during the financial crisis…”
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his fate is already sealed, he will not be reelected. and i dont care how much coin oprah gives him. he’s done.
Ron Paul !