Excerpt
JUDY WOODRUFF (Newshour): ...... President Obama lays out a new plan for tackling the housing crisis, but will it be more successful than prior efforts?
The president had only to cross the Potomac River to Falls Church, Va., to find plenty of foreclosures.
PRESIDENT BARACK OBAMA: This housing crisis struck right at the heart of what it means to be middle class in America: our homes.
JUDY WOODRUFF: In fact, he said the crisis remains massive in size and scope, and he described his latest attempt to attack the problem, first by letting homeowners with private mortgages refinance into government-backed loans at record-low interest rates, even if they owe more than the home is worth.
The administration says the plan could help 3.5 million borrowers and save families about $3,000 a year. It would cost $5 billion to $10 billion, paid for by a fee on big banks. The president also called for a homeowners bill of rights and a program to rent out foreclosed properties.
Congress has already balked at the bank tax idea, but Mr. Obama insisted it's time to try again.
Question for Americans with private (not government backed) mortgages. If you vote for Republicans in 2012 do you REALLY think you will get relief?
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