Breitbart TV Articles, obama mortgage plan.#Obama #mortgage #plan


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Obama mortgage plan

Defiant Roy Moore Castigates Washington Post, Mitch McConnell at #StandWithRoyMoore Event

BIRMINGHAM, Alabama – On Thursday surrounded by supporters, former Alabama Supreme Court Chief Justice Roy Moore went on offense at an event titled #StandWithRoyMoore, with the media and Senate Majority Leader Mitch McConnell as his targets. Moore attacked The Washington

by Jeff Poor 16 Nov 2017, 1:30 PM PST 0

Obama mortgage plan

WATCH Netanyahu: Iran s Rejection of Israeli Aid for Earthquake Proves It Doesn t Care For Its Citizens

TEL AVIV The Iranian regime cares more about hating Israel then taking care of its own people which is why the Jewish state offered assistance in the wake of the earthquake, Prime Minister Benjamin Netanyahu said on Thursday.

by Deborah Danan 16 Nov 2017, 12:19 PM PST 0

Obama mortgage plan

Maxine Waters: I Inspire People By Calling for Trump s Impeachment

Thursday on Bloomberg, Rep. Maxine Waters (D-CA), said when she calls for President Donald Trump to be impeached, she inspires people. Waters said, Let me just say this I have learned over the years that I have been in this

by Pam Key 16 Nov 2017, 10:02 AM PST 0

Obama mortgage plan

Ricky Williams to Kaepernick: Move on From the NFL if You Aren t Wanted

Former NFL running back Ricky Williams said that it was time for Colin Kaepernick to move on from the NFL. I d rather be somewhere I m celebrated rather than where I m tolerated, Williams told TMZ Sports. If they don t want you, go do something

by Trent Baker 16 Nov 2017, 8:18 AM PST 0

Obama mortgage plan

GOP Sen Johnson: I Doubt Roy Moore Would Be Serving as Senator for Very Long, He Needs to Face That Reality

Thursday on CNN s New Day, Sen. Ron Johnson (R-WI) said if former Alabama Supreme Court Chief Justice Roy Moore won the special election for U.S. Senate he would not be serving for very long. Johnson said, The allegations sound pretty credible to me.

by Pam Key 16 Nov 2017, 8:12 AM PST 0

Obama mortgage plan

Fmr Gadsden Mall Manager on Roy Moore: To My Knowledge, He Was Not Banned From the Mall

In an appearance on Birmingham FOX affiliate WBRC6 on Wednesday, Barnes Boyle, who was the manager of the Gadsden Mall from 1981 to 1996, said he had no memory of former Alabama Supreme Court Justice Roy Moore being banned from

by Jeff Poor 16 Nov 2017, 7:47 AM PST 0

Obama mortgage plan

Allred on Whether Yearbook Signature Is Forgery: We re Not Addressing and Analysis Should Be Done in Professional Setting

Wednesday, on The Situation Room with Wolf Blitzer on CNN, Gloria Allred, the attorney for Roy Moore accuser Beverly Nelson, said that she s not addressing whether the yearbook signature her client put forward is legitimate, but will allow it to

by Breitbart TV 16 Nov 2017, 7:15 AM PST 0

Obama mortgage plan

NRCC Chair Stivers: I ve Asked Moore for My Money Back, I Believe the Women and Think Moore Should Step Aside

On Thursday s broadcast for CNN s New Day, National Republican Congressional Committee Chairman Representative Steve Stivers (R-OH), who attended a fundraiser for Alabama Republican Senate nominee Judge Roy Moore and donated money to Moore s campaign, stated he believes Moore s accusers, has asked for his

by Ian Hanchett 16 Nov 2017, 6:19 AM PST 0

Obama mortgage plan

Hillary: Calls for Investigation Into Me Personally Offensive It Would Be Abuse of Power Like In a Dictatorship

During an interview with Mother Jones released on Wednesday, former Democratic presidential nominee Hillary Clinton slammed Attorney General Jeff Sessions considering a special counsel to investigate her and President Trump urging the Department of Justice to investigate her as an abuse

by Ian Hanchett 15 Nov 2017, 8:12 PM PST 0

Obama mortgage plan

Hannity: Voters of Alabama Will Ultimately Decide on Moore, Not Me or Anyone Else

On Wednesday s broadcast of the Fox News Channel s Hannity, host Sean Hannity responded to the open letter Alabama Republican Senate nominee Judge Roy Moore wrote him in response to the ultimatum Hannity gave Moore on Tuesday to either clear up the inconsistencies in

by Ian Hanchett 15 Nov 2017, 7:28 PM PST 0

Obama mortgage plan

Dem Rep Gutierrez: I Think a Majority of Democrats Would Vote to Impeach Trump If There Was a Secret Ballot

On Wednesday s broadcast of MSNBC s All In, Representative Luis Gutierrez (D-IL), who signed on to an impeachment resolution against President Trump, stated that he thinks a majority of House Democrats would vote to impeach President Trump if there was a

by Ian Hanchett 15 Nov 2017, 6:41 PM PST 0

Obama mortgage plan

Dem Sen Gillibrand: If Disgusting Moore Elected, There Will Be an Outcry From Senators Who Do Not Want Him to Serve

Wednesday on MSNBC, Sen. Kirsten Gillibrand (D-NY) said if former Alabama Supreme Court Chief Justice Roy Moore wins the December 12 special election for U.S. Senate, there will be an outcry of members of the Senate who do not want him to serve.

by Pam Key 15 Nov 2017, 3:58 PM PST 0

Obama mortgage plan

Susan Collins: Ethics Committee Investigation Could Lead to Moore Expulsion

Wednesday on MSNBC s MTP Daily, Sen. Susan Collins (R-ME) said while she believes the Senate would have no choice but to seat former Alabama Supreme Court Chief Justice Roy Moore if he wins the special election in Alabama for U.S.

by Pam Key 15 Nov 2017, 3:50 PM PST 0

Obama mortgage plan

Roy Moore Lawyer Raises Questions About Accuser Account, Wants Yearbook for Handwriting Analysis

HOOVER, Alabama Wednesday at a press conference in front of the Alabama Republican Party headquarters, Phillip L. Jauregui, a Birmingham lawyer representing former Alabama Supreme Court Chief Justice Roy Moore s U.S. Senate campaign, questioned the account of one of

by Jeff Poor 15 Nov 2017, 3:44 PM PST 0

Obama mortgage plan

CNN s Raju: Source Close to POTUS Told Me It s Unlikely Trump Will Call on Moore to Drop Out

CNN Senior Congressional Correspondent Manu Raju reported that a source close to the president told him President Trump is unlikely to call on Judge Roy Moore to drop out of the Alabama Senate race. Raju said, President Trump himself has


Election Center 2008: Candidates – Election – Politics News from, obama mortgage plan.#Obama #mortgage #plan


Barack Obama

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Obama courts working women Obama mortgage plan

Obama on off-shore drilling Obama mortgage plan

‘The system’s broken’ Obama mortgage plan

Obama hits McCain on energy Obama mortgage plan

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Obama: Hillary as his adviser Obama mortgage plan

Oprah hits three states for Obama Obama mortgage plan

Obama: Inhaling was the point Obama mortgage plan

Obama on SNL Obama mortgage plan

Obama’s Father’s Day speech

Obama claims Democratic victory

Obama addresses pro-Israel AIPAC

‘Just another George Bush’

Obama: McCain ‘out of touch’

Obama discusses the economy

Obama: ‘We closed the gap’

Obama speaks on race

Obama fires up Virginia

Obama speech: ‘Yes, we can change’

Speech on the ‘American Dream’

Speech about Iraq

Middle class tax fairness

Obama in South Carolina: We’re doing it Obama mortgage plan

Obama on education policy Obama mortgage plan

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Obama mortgage planObama mortgage planFrom the Blogs: Controversy, commentary, and debate

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A former Chicago Tribune political reporter who advised Edwards during his 2004 presidential bid.

Obama mortgage plan

Former executive director of the Democratic Congressional Campaign Committee and senior aide to House Minority Leader Richard Gephardt.

Former chief of staff to Senate Minority Leader Tom Daschle

A former finance director for the Democratic Senatorial Campaign Committee, raised more than $25 million in the first fundraising quarter of 2007.

A media strategist with close ties to Senate Majority Leader Harry Reid.

Campaign adviser and strategist

An “early state” expert who served as Iowa director of Vice President Al Gore’s presidential run

A former communications director at the Democratic Senatorial Campaign Committee

Obama mortgage plan

Chief operating officer

Clinton administration official, sister of former Clinton press secretary Dee Dee Myers

Needed to Win: This refers to the total number of delegate votes needed by a candidate to win the party’s nomination.

States won: This refers to CNN’s projected winner for each race until a final result has been determined. How CNN projects winners

Obama mortgage plan

Supports abortion rights.

Supported Bush-backed immigration reform legislation, which would have increased funding and improved border security technology, improved enforcement of existing laws, and provided a legal path to citizenship for some illegal immigrants. Voted to authorize construction of a 700-mile fence along the U.S.-Mexican border.

Opposed use of military force in Iraq. Voted for war spending bill that would have withdrawn most U.S. troops by March 2008. Supports phased redeployment of U.S. troops. Opposed Bush’s plan to send additional troops to Iraq. Had once called for troop withdrawal to begin by the end of 2006.

Opposes same-sex marriage, but also opposes a constitutional ban. Supports civil unions.

Opposes Bush plan allowing workers to divert some Social Security payroll taxes into private retirement accounts.

Opposed extending 2003 Bush tax cut law through 2010. Supports eliminating marriage penalty and extending child tax credit. Supports scaling back capital gains and dividends tax cuts and re-examining tax benefits for the top one percent of earners.


Breitbart TV Articles, obama mortgage plan.#Obama #mortgage #plan


Breitbart TV

Obama mortgage plan

Defiant Roy Moore Castigates Washington Post, Mitch McConnell at #StandWithRoyMoore Event

BIRMINGHAM, Alabama – On Thursday surrounded by supporters, former Alabama Supreme Court Chief Justice Roy Moore went on offense at an event titled #StandWithRoyMoore, with the media and Senate Majority Leader Mitch McConnell as his targets. Moore attacked The Washington

by Jeff Poor 16 Nov 2017, 1:30 PM PST 0

Obama mortgage plan

WATCH Netanyahu: Iran s Rejection of Israeli Aid for Earthquake Proves It Doesn t Care For Its Citizens

TEL AVIV The Iranian regime cares more about hating Israel then taking care of its own people which is why the Jewish state offered assistance in the wake of the earthquake, Prime Minister Benjamin Netanyahu said on Thursday.

by Deborah Danan 16 Nov 2017, 12:19 PM PST 0

Obama mortgage plan

Maxine Waters: I Inspire People By Calling for Trump s Impeachment

Thursday on Bloomberg, Rep. Maxine Waters (D-CA), said when she calls for President Donald Trump to be impeached, she inspires people. Waters said, Let me just say this I have learned over the years that I have been in this

by Pam Key 16 Nov 2017, 10:02 AM PST 0

Obama mortgage plan

Ricky Williams to Kaepernick: Move on From the NFL if You Aren t Wanted

Former NFL running back Ricky Williams said that it was time for Colin Kaepernick to move on from the NFL. I d rather be somewhere I m celebrated rather than where I m tolerated, Williams told TMZ Sports. If they don t want you, go do something

by Trent Baker 16 Nov 2017, 8:18 AM PST 0

Obama mortgage plan

GOP Sen Johnson: I Doubt Roy Moore Would Be Serving as Senator for Very Long, He Needs to Face That Reality

Thursday on CNN s New Day, Sen. Ron Johnson (R-WI) said if former Alabama Supreme Court Chief Justice Roy Moore won the special election for U.S. Senate he would not be serving for very long. Johnson said, The allegations sound pretty credible to me.

by Pam Key 16 Nov 2017, 8:12 AM PST 0

Obama mortgage plan

Fmr Gadsden Mall Manager on Roy Moore: To My Knowledge, He Was Not Banned From the Mall

In an appearance on Birmingham FOX affiliate WBRC6 on Wednesday, Barnes Boyle, who was the manager of the Gadsden Mall from 1981 to 1996, said he had no memory of former Alabama Supreme Court Justice Roy Moore being banned from

by Jeff Poor 16 Nov 2017, 7:47 AM PST 0

Obama mortgage plan

Allred on Whether Yearbook Signature Is Forgery: We re Not Addressing and Analysis Should Be Done in Professional Setting

Wednesday, on The Situation Room with Wolf Blitzer on CNN, Gloria Allred, the attorney for Roy Moore accuser Beverly Nelson, said that she s not addressing whether the yearbook signature her client put forward is legitimate, but will allow it to

by Breitbart TV 16 Nov 2017, 7:15 AM PST 0

Obama mortgage plan

NRCC Chair Stivers: I ve Asked Moore for My Money Back, I Believe the Women and Think Moore Should Step Aside

On Thursday s broadcast for CNN s New Day, National Republican Congressional Committee Chairman Representative Steve Stivers (R-OH), who attended a fundraiser for Alabama Republican Senate nominee Judge Roy Moore and donated money to Moore s campaign, stated he believes Moore s accusers, has asked for his

by Ian Hanchett 16 Nov 2017, 6:19 AM PST 0

Obama mortgage plan

Hillary: Calls for Investigation Into Me Personally Offensive It Would Be Abuse of Power Like In a Dictatorship

During an interview with Mother Jones released on Wednesday, former Democratic presidential nominee Hillary Clinton slammed Attorney General Jeff Sessions considering a special counsel to investigate her and President Trump urging the Department of Justice to investigate her as an abuse

by Ian Hanchett 15 Nov 2017, 8:12 PM PST 0

Obama mortgage plan

Hannity: Voters of Alabama Will Ultimately Decide on Moore, Not Me or Anyone Else

On Wednesday s broadcast of the Fox News Channel s Hannity, host Sean Hannity responded to the open letter Alabama Republican Senate nominee Judge Roy Moore wrote him in response to the ultimatum Hannity gave Moore on Tuesday to either clear up the inconsistencies in

by Ian Hanchett 15 Nov 2017, 7:28 PM PST 0

Obama mortgage plan

Dem Rep Gutierrez: I Think a Majority of Democrats Would Vote to Impeach Trump If There Was a Secret Ballot

On Wednesday s broadcast of MSNBC s All In, Representative Luis Gutierrez (D-IL), who signed on to an impeachment resolution against President Trump, stated that he thinks a majority of House Democrats would vote to impeach President Trump if there was a

by Ian Hanchett 15 Nov 2017, 6:41 PM PST 0

Obama mortgage plan

Dem Sen Gillibrand: If Disgusting Moore Elected, There Will Be an Outcry From Senators Who Do Not Want Him to Serve

Wednesday on MSNBC, Sen. Kirsten Gillibrand (D-NY) said if former Alabama Supreme Court Chief Justice Roy Moore wins the December 12 special election for U.S. Senate, there will be an outcry of members of the Senate who do not want him to serve.

by Pam Key 15 Nov 2017, 3:58 PM PST 0

Obama mortgage plan

Susan Collins: Ethics Committee Investigation Could Lead to Moore Expulsion

Wednesday on MSNBC s MTP Daily, Sen. Susan Collins (R-ME) said while she believes the Senate would have no choice but to seat former Alabama Supreme Court Chief Justice Roy Moore if he wins the special election in Alabama for U.S.

by Pam Key 15 Nov 2017, 3:50 PM PST 0

Obama mortgage plan

Roy Moore Lawyer Raises Questions About Accuser Account, Wants Yearbook for Handwriting Analysis

HOOVER, Alabama Wednesday at a press conference in front of the Alabama Republican Party headquarters, Phillip L. Jauregui, a Birmingham lawyer representing former Alabama Supreme Court Chief Justice Roy Moore s U.S. Senate campaign, questioned the account of one of

by Jeff Poor 15 Nov 2017, 3:44 PM PST 0

Obama mortgage plan

CNN s Raju: Source Close to POTUS Told Me It s Unlikely Trump Will Call on Moore to Drop Out

CNN Senior Congressional Correspondent Manu Raju reported that a source close to the president told him President Trump is unlikely to call on Judge Roy Moore to drop out of the Alabama Senate race. Raju said, President Trump himself has


Election Center 2008: Candidates – Election – Politics News from, obama mortgage plan.#Obama #mortgage #plan


Barack Obama

Obama mortgage plan

Obama mortgage plan

Obama mortgage plan

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Obama mortgage plan

Obama mortgage plan

Obama courts working women Obama mortgage plan

Obama on off-shore drilling Obama mortgage plan

‘The system’s broken’ Obama mortgage plan

Obama hits McCain on energy Obama mortgage plan

Obama video wins Emmy Obama mortgage plan

Obama: Hillary as his adviser Obama mortgage plan

Oprah hits three states for Obama Obama mortgage plan

Obama: Inhaling was the point Obama mortgage plan

Obama on SNL Obama mortgage plan

Obama’s Father’s Day speech

Obama claims Democratic victory

Obama addresses pro-Israel AIPAC

‘Just another George Bush’

Obama: McCain ‘out of touch’

Obama discusses the economy

Obama: ‘We closed the gap’

Obama speaks on race

Obama fires up Virginia

Obama speech: ‘Yes, we can change’

Speech on the ‘American Dream’

Speech about Iraq

Middle class tax fairness

Obama in South Carolina: We’re doing it Obama mortgage plan

Obama on education policy Obama mortgage plan

Obama on the campaign trail Obama mortgage plan

Obama mortgage plan

Obama mortgage planObama mortgage planFrom the Blogs: Controversy, commentary, and debate

Obama mortgage plan

Obama mortgage planSit tight, we’re getting to the good stuff

Obama mortgage plan

Obama mortgage plan

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Obama mortgage plan

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A former Chicago Tribune political reporter who advised Edwards during his 2004 presidential bid.

Obama mortgage plan

Former executive director of the Democratic Congressional Campaign Committee and senior aide to House Minority Leader Richard Gephardt.

Former chief of staff to Senate Minority Leader Tom Daschle

A former finance director for the Democratic Senatorial Campaign Committee, raised more than $25 million in the first fundraising quarter of 2007.

A media strategist with close ties to Senate Majority Leader Harry Reid.

Campaign adviser and strategist

An “early state” expert who served as Iowa director of Vice President Al Gore’s presidential run

A former communications director at the Democratic Senatorial Campaign Committee

Obama mortgage plan

Chief operating officer

Clinton administration official, sister of former Clinton press secretary Dee Dee Myers

Needed to Win: This refers to the total number of delegate votes needed by a candidate to win the party’s nomination.

States won: This refers to CNN’s projected winner for each race until a final result has been determined. How CNN projects winners

Obama mortgage plan

Supports abortion rights.

Supported Bush-backed immigration reform legislation, which would have increased funding and improved border security technology, improved enforcement of existing laws, and provided a legal path to citizenship for some illegal immigrants. Voted to authorize construction of a 700-mile fence along the U.S.-Mexican border.

Opposed use of military force in Iraq. Voted for war spending bill that would have withdrawn most U.S. troops by March 2008. Supports phased redeployment of U.S. troops. Opposed Bush’s plan to send additional troops to Iraq. Had once called for troop withdrawal to begin by the end of 2006.

Opposes same-sex marriage, but also opposes a constitutional ban. Supports civil unions.

Opposes Bush plan allowing workers to divert some Social Security payroll taxes into private retirement accounts.

Opposed extending 2003 Bush tax cut law through 2010. Supports eliminating marriage penalty and extending child tax credit. Supports scaling back capital gains and dividends tax cuts and re-examining tax benefits for the top one percent of earners.


Will Obama s latest mortgage refinance plan help you? CBS News #mortgage #rates #today


#obama mortgage

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Will Obama’s latest mortgage refinance plan help you?

Will Obama’s mortgage refinance plan help you?

Dean Baker of the Center for Economic and Policy Research sits down with CBSNews.com deputy politics editor Corbett B. Daly to discuss the ins an.

President Obama on Monday announced new measures to help borrowers refinance their existing mortgages to new loans with lower interest rates and cheaper monthly payments.

The plan is an expansion of an existing program to help borrowers who are not behind on their payments but cannot refinance because they do not enough equity in their home. Or they might be underwater–which means they owe more than their home is worth.

“Right now, some underwater homeowners have no choice but to refinance with their original lender – which some lenders refuse to do,” Obama said in prepared remarks.

“These changes will encourage other lenders to compete for their business by offering better terms and rates, and eligible homeowners to shop around for the best ones,” he added.

But how many homeowners will it really help? And will it be enough to jumpstart the still struggling housing market?

Dean Baker is the Co-Director of the Center for Economic and Policy Research here in Washington, spoke with CBS News and said if 800,000 borrowers are able to refinance, that would be “very good.”

That would be a big help to those borrowers, but probably not enough to make much of a difference in the overall economy, he added.

Despite the relatively modest effect, Mr. Obama and his team recognize the president needs to be seen on television everyday as someone “trying to solve problems, said Larry Sabato, a politics professor at the University of Virginia.

“It’s a smart approach and long overdue,” Sabato said, noting that the administration is “out of time” as the presidential election is just a year away.

“They realize that Obama probably can’t get a Mother’s Day resolution passed through Congress,” so he has to move ahead with incremental measures that help pockets of Americans.

Housing analyst Edward Pinto stressed that the plan would mostly help borrowers who owe less than their mortgage, despite the repeated talked from White House officials that it is aimed at so-called “underwater” borrowers.

“I think it’s important not to get expectations up too high,” said Pinto, a fellow at the conservative American Enterprise Institute and a vocal critic of Fannie Mae and Freddie Mac, the two government sponsored entities that are backing the loans eligible for refinance under the Home Affordable Refinance Program (HARP).

Pinto noted close to a million borrowers have gotten a HARP refinance loan since it was introduced two years ago, but only about 100,000 of them were borrowers who owed more than their house is worth. Without the HARP program, borrowers would have to owe less than 80 percent of the loan’s value to refinance, so the majority of borrowers who got new HARP loans were in that 80 to 100 percent range, Pinto said.

Even with the expanded program, “they are not going to help a million” more underwater borrowers, Pinto added.

2011 CBS Interactive Inc. All Rights Reserved.


Obama announces home refinance plan – The Washington Post #calculate #home #mortgage


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Obama announces home refinance plan

President Obama on Wednesday made his latest pitch to lift the nation’s beleaguered housing market, unveiling a series of proposals to help struggling borrowers reduce their monthly payments and to stem the continuing slide in real estate prices.

The centerpiece of the effort is legislation that would make it easier for homeowners who have been paying their mortgages on time to take advantage of today’s ultra-low interest rates, perhaps saving thousands of dollars a year. Millions of homeowners, including many who owe more than their properties are worth, have been unable to refinance.

White House officials estimated that the proposal, which requires congressional approval, would cost taxpayers between $5 billion and $10 billion. To offset that cost, Obama reprised his previous idea of imposing a new tax on the profits of financial firms. Republicans pledged to oppose the proposal.

To help the economy get more of a boost from low interest rates, Obama proposed that almost anyone who has a credit score above 580 and has been paying his or her monthly mortgage bill on time for the past six months be able to refinance. It wouldn’t matter under Obama’s proposal whether borrowers had government-backed mortgages or loans owned by banks and other private investors.

The only major limitation to the program would be on borrowers who own very expensive properties, relative to where they live. The maximums range from $271,050 to $729,750. A new program run by the Federal Housing Administration would be set up to refinance mortgages that are not backed by federal mortgage giants Fannie Mae or Freddie Mac.

The proposals are the latest in a long list of programs Obama has unveiled to address the problems facing homeowners. Almost all of the programs have fallen far short of their goals. Obama has acknowledged that his response to the housing crisis has not worked as well as he had hoped it would, and most economists say that the depressed housing market is one of the biggest drags on the economic recovery.

Still, Obama’s continuing push to provide aid to homeowners and boost housing prices draws a stark contrast with Republican presidential front-runner Mitt Romney, who has advocated a hands-off approach to the nation’s foreclosure epidemic. Obama, in his remarks, pointed to areas hit hard by the foreclosure crisis, including Las Vegas in the political battleground state of Nevada, where the next Republican presidential caucuses will take place.

“It will take more time than any of us would like for the housing market to recover from this crisis,” Obama said Wednesday at the James Lee Community Center in Falls Church. “But it is wrong for anybody to suggest that the only option for struggling, responsible homeowners is to sit and wait for the housing market to hit bottom.”

On Tuesday, new data from Standard Poor’s showed that housing prices have fallen to levels not seen since 2003.

Republicans on Capitol Hill gave the president’s proposal a chilly reception.

“We have done this at least four times, where there is some government program to help homeowners who had trouble with their mortgages,” House Speaker John A. Boehner (R-Ohio) said. “None of these programs have worked and I don’t know why anyone would think this next idea would work.”

At the start of his term, Obama promised that up to 9 million homeowners at risk of foreclosure would receive aid through a broad refinance program or a mortgage modification program run through the Treasury Department. In the three years since then, fewer than 2 million have been helped.

“I’ll be honest — it didn’t work at the scale we’d hoped,” Obama said Wednesday. “Mortgage rates are as low as they’ve been in half a century, and when that happens, homeowners usually flock to refinance their mortgages. But this time, too many families haven’t been able to take advantage of the low rates.”

As part of his new plan, Obama also proposed encouraging borrowers who refinance their mortgages to take on shorter-term loans and direct the savings to rebuilding equity in their homes. As an incentive, the administration is willing to have the government pay the closing costs associated with refinancing — usually about $3,000.

The number of borrowers who might be eligible for the program is large: 3.5 million who do not have federally backed mortgages and 11 million who hold government-backed loans, according to administration officials. But previous estimates suggest that just a fraction of that population would take part in the program.

Christopher Mayer, an economics professor at Columbia who has gained attention for his mortgage proposals, said he’s “a big fan of what the president has proposed for refinancing government-guaranteed mortgages. The program really says for the first time everybody is eligible.”

But he raised concerns about the new FHA program that would refinance mortgages not already owned by the government. “I think it is taking a lot of risk for the government, and I think taxpayers have a legitimate question of whether they have already taken on a lot of risk,” he said.

Other steps announced Wednesday include a decision by the Treasury Department to triple incentives paid to banks in exchange for forgiving part of the debts owed by homeowners, as well as a program run by the Federal Housing Finance Agency to sell batches of foreclosed properties to investors, who would rent them out. That could restart housing activity and put a floor under housing prices in struggling communities.

Staff writer Brady Dennis contributed to this article.


The Benefits of a Biweekly Mortgage Plan #mortgage


#biweekly mortgage calculator

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The New York Times

The Benefits of a Biweekly Mortgage Plan – Mortgages

By MARYANN HAGGERTY

WITH interest rates low, biweekly mortgage payment plans are looking less attractive than ever.

If you have recently taken a mortgage, you are likely to receive solicitations pushing these plans, from your own lender or a third party. The pitch is that for a few hundred dollars up front, you can painlessly save thousands in the long term on interest, simply by having half your mortgage payment debited from your bank account every two weeks, instead of paying monthly.

For years, financial advisers and consumer advice columnists have offered the same caution about such plans: Don’t pay to participate. You can achieve the same results yourself at no cost.

“I would never pay a bank for that option, because basically a biweekly is sending in one extra payment a year,” Robert B. Walsh, a principal of Lighthouse Financial Advisors in Red Bank, N.J. said of the payment plan.

The 26 every-other-week payments each year are the equivalent of 13 monthly payments, and the extra cash goes to cut your principal, allowing you to pay off the loan earlier. How much earlier depends on your interest rate. If you had a 30-year fixed-rate loan at 7 percent — outrageously high these days — you would pay it off in 23.9 years, and save $33,555 in interest on each $100,000 of principal, assuming you began biweekly payments right after you took out the loan. With the same loan at 4.5 percent, payoff would require 25.7 years and save just $13,619.

Citibank calls its BiWeekly Advantage Plan “a faster way to build your home equity.” The plan charges a $375 enrollment fee, plus $1.50 per draft. Other biweekly plans, including third-party payment services, charge similar amounts. Some lenders, including Wells Fargo and Bank of America, offer biweekly plans free to customers who pay from an account with that bank.

Citibank acknowledges the do-it-yourself advice. “Some homeowners try to make extra principal payments themselves, but most aren’t able to keep a consistent schedule,” the bank says on its Web site.

Nonetheless, technology makes such payments particularly painless. If your lender offers direct payments via an online site, it will let you add extra principal to the payment. Add an amount equal to one-twelfth of your monthly payment, and don’t think of it again.

If you physically mail a check each month, you’ll have to think some, but not a lot. Your payment coupon has a line where you can write in the additional principal amount you are paying.

Asked why Citibank offered biweekly payment plans, Mark Rodgers, a spokesman for Citigroup, said it is “a matter of client preference” and pointed out that some clients do not bank online.

Albert Engel, an executive vice president of Valley National Bank in Wayne, N.J. distinguishes between payment plans, which he calls “synthesized biweekly mortgages,” and the biweekly loans his bank offers. Those loans are amortized biweekly, in contrast with most payment plans, which accelerate payments without changing the underlying monthly accrual schedule.

That is, while you pay each two weeks, nothing is credited to your account until the monthly due date. Valley National’s loans credit those payments every 14 days, for a slightly faster payoff.

At today’s rates, few customers choose biweekly loans, Mr. Engel said. Still, “it remains a standard product for us,” he said. “As rates increase, we expect this program will become much more fashionable.”

Mr. Engel is particularly dismissive of third-party payment plans, saying borrowers are “foolish” to pay a fee. If nothing else, he suggests a low-tech alternative. “Write a check for half the mortgage each two weeks, and put it in a coffee can.” Each month, send two checks from the coffee can. At the end of a year, there will be two extra checks; send those.

“In effect,” he said, “they are doing the same thing a lot of these entities are charging to do.”

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Who s Eligible For Obama s Mortgage Plan? CBS News #mortgage #calculators #with #taxes #and


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Who’s Eligible For Obama’s Mortgage Plan?

On Wednesday, President Obama laid out a $75 billion plan to help millions of Americans refinance their mortgages and avoid foreclosure. So who qualifies and how can you benefit?

Early Show financial adviser Ray Martin answered some questions from Early Show co-anchor Harry Smith as well as the public.

“Listening to the president yesterday, really two tiers of people they are seeking to help here. Explain who might get bailed out,” Smith said.

“There are two parts of the program — loan modification and loan refinancing. On loan modification, this is aimed at folks that are in dire straits. Their monthly mortgage payment far exceeds 31 percent of their pre-tax monthly income. It might be 50, 60, 70 percent of their income; it’s not sustainable to keep paying that. This provides government subsidies and incentives to financial institutions to chop down their interest rate, possibly lower their principal, even stretch out the mortgage to bring the monthly payment down to 31 percent of their pre-tax income,” Martin said.

“And the other group that is about to be helped are all these folks who are going under water,” Smith said.

“This is folks who are current on their payment. Their monthly payment is 31 percent or less of their pre-tax income. They’d like to refinance to take advantage of a 5 percent interest rate, but they can’t because the value of their home is at or slightly below what their mortgage is. So, the mortgage might be 105 percent of the value of the home and shrinking. They’d like to refinance, but for that obstacle, now those with underwater loans, slightly underwater or significant size loans can refinance and get that out of way,” Martin said.

“When will people be able to get a piece of paper and fill something out and be able to make this work for them?” Smith asked.

“According to the fact sheet released by the White House yesterday, the details of this program will be announced on March 4th, next month, and they’re going to be able to call their lender and say, ‘Am I eligible for a loan refinance or modification?’ In the meantime, get all the financial documents in order and get ready to call the lender,” Martin explained.

Martin also answered a few questions from the Early Show audience. To watch a video of the segment and that Q A, click the play button below:

Copyright 2009 CBS. All rights reserved.


Will Obama s latest mortgage refinance plan help you? CBS News #houston #mortgage #rates


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Will Obama’s latest mortgage refinance plan help you?

Will Obama’s mortgage refinance plan help you?

Dean Baker of the Center for Economic and Policy Research sits down with CBSNews.com deputy politics editor Corbett B. Daly to discuss the ins an.

President Obama on Monday announced new measures to help borrowers refinance their existing mortgages to new loans with lower interest rates and cheaper monthly payments.

The plan is an expansion of an existing program to help borrowers who are not behind on their payments but cannot refinance because they do not enough equity in their home. Or they might be underwater–which means they owe more than their home is worth.

“Right now, some underwater homeowners have no choice but to refinance with their original lender – which some lenders refuse to do,” Obama said in prepared remarks.

“These changes will encourage other lenders to compete for their business by offering better terms and rates, and eligible homeowners to shop around for the best ones,” he added.

But how many homeowners will it really help? And will it be enough to jumpstart the still struggling housing market?

Dean Baker is the Co-Director of the Center for Economic and Policy Research here in Washington, spoke with CBS News and said if 800,000 borrowers are able to refinance, that would be “very good.”

That would be a big help to those borrowers, but probably not enough to make much of a difference in the overall economy, he added.

Despite the relatively modest effect, Mr. Obama and his team recognize the president needs to be seen on television everyday as someone “trying to solve problems, said Larry Sabato, a politics professor at the University of Virginia.

“It’s a smart approach and long overdue,” Sabato said, noting that the administration is “out of time” as the presidential election is just a year away.

“They realize that Obama probably can’t get a Mother’s Day resolution passed through Congress,” so he has to move ahead with incremental measures that help pockets of Americans.

Housing analyst Edward Pinto stressed that the plan would mostly help borrowers who owe less than their mortgage, despite the repeated talked from White House officials that it is aimed at so-called “underwater” borrowers.

“I think it’s important not to get expectations up too high,” said Pinto, a fellow at the conservative American Enterprise Institute and a vocal critic of Fannie Mae and Freddie Mac, the two government sponsored entities that are backing the loans eligible for refinance under the Home Affordable Refinance Program (HARP).

Pinto noted close to a million borrowers have gotten a HARP refinance loan since it was introduced two years ago, but only about 100,000 of them were borrowers who owed more than their house is worth. Without the HARP program, borrowers would have to owe less than 80 percent of the loan’s value to refinance, so the majority of borrowers who got new HARP loans were in that 80 to 100 percent range, Pinto said.

Even with the expanded program, “they are not going to help a million” more underwater borrowers, Pinto added.

2011 CBS Interactive Inc. All Rights Reserved.


Will Obama s latest mortgage refinance plan help you? CBS News #business #mortgage #rates


#obama mortgage

#

Will Obama’s latest mortgage refinance plan help you?

Will Obama’s mortgage refinance plan help you?

Dean Baker of the Center for Economic and Policy Research sits down with CBSNews.com deputy politics editor Corbett B. Daly to discuss the ins an.

President Obama on Monday announced new measures to help borrowers refinance their existing mortgages to new loans with lower interest rates and cheaper monthly payments.

The plan is an expansion of an existing program to help borrowers who are not behind on their payments but cannot refinance because they do not enough equity in their home. Or they might be underwater–which means they owe more than their home is worth.

“Right now, some underwater homeowners have no choice but to refinance with their original lender – which some lenders refuse to do,” Obama said in prepared remarks.

“These changes will encourage other lenders to compete for their business by offering better terms and rates, and eligible homeowners to shop around for the best ones,” he added.

But how many homeowners will it really help? And will it be enough to jumpstart the still struggling housing market?

Dean Baker is the Co-Director of the Center for Economic and Policy Research here in Washington, spoke with CBS News and said if 800,000 borrowers are able to refinance, that would be “very good.”

That would be a big help to those borrowers, but probably not enough to make much of a difference in the overall economy, he added.

Despite the relatively modest effect, Mr. Obama and his team recognize the president needs to be seen on television everyday as someone “trying to solve problems, said Larry Sabato, a politics professor at the University of Virginia.

“It’s a smart approach and long overdue,” Sabato said, noting that the administration is “out of time” as the presidential election is just a year away.

“They realize that Obama probably can’t get a Mother’s Day resolution passed through Congress,” so he has to move ahead with incremental measures that help pockets of Americans.

Housing analyst Edward Pinto stressed that the plan would mostly help borrowers who owe less than their mortgage, despite the repeated talked from White House officials that it is aimed at so-called “underwater” borrowers.

“I think it’s important not to get expectations up too high,” said Pinto, a fellow at the conservative American Enterprise Institute and a vocal critic of Fannie Mae and Freddie Mac, the two government sponsored entities that are backing the loans eligible for refinance under the Home Affordable Refinance Program (HARP).

Pinto noted close to a million borrowers have gotten a HARP refinance loan since it was introduced two years ago, but only about 100,000 of them were borrowers who owed more than their house is worth. Without the HARP program, borrowers would have to owe less than 80 percent of the loan’s value to refinance, so the majority of borrowers who got new HARP loans were in that 80 to 100 percent range, Pinto said.

Even with the expanded program, “they are not going to help a million” more underwater borrowers, Pinto added.

2011 CBS Interactive Inc. All Rights Reserved.