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Obama Goes Forward With Foreclosure Campaign



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By : John Cutts    99 or more times read
President Barack Obama is set to travel to Denver, Colorado and then to Phoenix, Arizona to continue his foreclosure prevention campaign. Obama has just scored a major win in Congress when his $787-billion economic stimulus package was approved by 246 votes in the House and 60 votes in the Senate.

A ceremony will be held in Denver to mark Obama’s signing of the law. Obama said in a radio address that the approval of the package is a big milestone in the country’s road to recovery. It is also a major step in the fulfillment of his election promise of helping millions of Americans troubled by foreclosure.

Obama said the $787-billion economic package will be used to keep or create over 3.5 million jobs within two years and to stimulate spending by consumers and businesses through various schemes such as tax cuts, increased unemployment benefits and additional funds for health care and education.

As a support to Obama’s foreclosure mitigation and other stimulus programs, top mortgage finance multinationals Citigroup and JPMorgan Chase launched their home foreclosure moratorium programs. JPMorgan Chase’s chief executive Jamie Dimon wrote in his letter to a Democratic legislator that his firm would enforce a foreclosure moratorium for three weeks. This moratorium could help at-risk homeowners as they wait for Obama’s home foreclosure program.

Freddie Mac and Fannie Mae, the government-controlled mortgage lending companies, would also extend their foreclosure moratorium programs to support Obama’s economic recovery efforts.

The $787-billion package allocates $120 billion for infrastructure expansion, about $20 billion for renewable energy development and $11 billion for the modernization of the country’s nationwide electrical grid. The package also apportions money for tax cuts, increase in unemployment benefits and increases in funds for education and health care.

Although Obama and his Democratic Party scored a big win, more than 200 legislators rejected the $787-billion bill. There were 183 who opposed the bill in the House while 38 opposed it in the Senate. Republican Senate Minority Leader Mitch McConnell said that the bill is going to burden the present generation’s children and their children.

Obama however responded with an unprecedented use of online technology to update Americans on how the $787 will be spent. He said a website, called recovery.gov, will be launched to allow anyone to post comments and questions about the stimulus package.

He also admonished Americans that the economic recovery process, which includes the settlement of their foreclosure crisis, will take time. But he encouraged them with the resolution that Americans will overcome the hardships.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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