In Mesa, Arizona, Wednesday, the President presented the Homeowner Affordability and Stability plan, a multi-pronged effort to support the housing market.
The story made the front page of nearly every newspaper in the country.
The president's plan is sweeping:
It's a broad plan with many positive angles, but for now, we can't forget that it's just a plan. Although the White House shapes and influences housing policy, Congress, Loan Servicers, and the Federal Agencies must still implement and execute it. Until that implementation occurs, these reforms exist only on paper.
It's a key aspect of the speech that's not getting coverage.
One thing we learned during the stimulus package debate was that just because the President wants something to happen doesn't mean that it will. There are always details to be worked out and that's one reason why the Homeowner Affordability and Stability Plan couldn't go into effect immediately. There are still loose ends to tie and details to define.
According to its website, the White House lists March 4, 2009 as the plan's effective date. Until March 4, therefore, nothing in Wednesday's speech is guaranteed.
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Shameca,
I surprized, I did not read more comments on this "Homeowner Affordability and Stability plan".In my understanding this is a weak plan at best for the strong and not those in need. It is no surprize a big headliner like this is full of hot air. Much Noice with not much assistance.
Thanks for your read..
Gary DiGiorgio
Gary DiGiorgio
The DiGiorgio Group
9035 Wadsworth pkwy 2000
Westminster.Co 80021
Direct 303 898 4279
Office 303 422 5200 fx 303 467 0211
Gary@Di-DenverRealty.com
Serving and selling Denver for over 29 years
ARVADA***GOLDEN***THORNTON***WESTMINSTER
I REALLY APPRECIATE YOUR REFERRALS
Gary- Thanks for stopping by. I just posted this less than an hour ago but I am sure more comments are coming. As far as the plan being hot air, well we just have to see how the chips fall. This plan reminds me of the Hope for Homeowners plan. It is very well spelled out but it is still up to the lenders and servicers to execute the plan on behalf of homeowners. Also most Americans who are facing foreclosure don't have the credit to qualify for a program like this because they have either already missed an mortgage payment or stopped paying other bills to ensure that their mortgage payment is made.
So this is false hope for the American people. I can see that. We or our grandchildren will be footing the bill for something that may only help 1% of the people.
Angela- Lets just say, I will definitely be keeping a close watch on the implementation of this plan.