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Obama Accused Bush of not taking Actions against Foreclosures

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By : Leticia Carvalho    99 or more times read
For the first time since his election, President-elect Obama criticized the current administration for its lack of effective actions and countermeasures in stopping the flood of foreclosures that is hitting the nation.

Disappointed on the slow action of the administration in coming up with a favorable package that will not only help homeowners in danger of foreclosures, but would also be beneficial for the whole nation. If no apparent action can be established until January 20, 2009 when he takes office, Obama promises to take sufficient and immediate steps to stem this tide of foreclosures.

The Bush administration reacted by pointing out programs to address the issues on foreclosures that are handled through the efforts of the Federal Housing Authority in collaboration with the private and banking sectors. Admitting that there are no definite solutions to the problem, administration officials on the other hand highlighted the aggressive steps in dealing with the housing issues by strengthening both Fannie Mae and Freddie Mac in a bid to curtail the impact of foreclosures and salvage workable mortgages. Additional programs and options are also ongoing study in an effort to keep families in their homes.

President-elect Obama disclosed that his economic team is contemplating the merits of a 90-day moratorium so homeowners can work out and renegotiate with their banks and lenders on how to restructure their loans to make payments affordable and sustainable. Obama pointed out the efforts of struggling Americans who are sacrificing everything just to make their monthly payments, avoid foreclosures, and stay at their homes.

Obama described the stimulus package being drawn by his economic team as vital to the recovery of the economy, stop foreclosures, save the auto industry and put Wall Street back to top form. According to Obama, the economic recovery plan does not involve simple dole outs of federal money but would involve a radical change in how the country does business that would benefit the whole economy.
Leticia Carvalho has been educated in the finer points of the foreclosure market over 5 years.

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