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Realtors Also Benefit From Obama’s Foreclosure Plan

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By : John Cutts    99 or more times read
Real estate brokers in Baltimore expressed support for President Obama’s $75-billion foreclosure plan by saying that his plan is a much better investment of public funds than all the other public investments being bandied about. The Baltimore metropolitan area has not been as hard hit by foreclosures as other metropolitan areas, but there are also many homeowners in the area eagerly waiting for help as they try their best to pay their monthly amortizations.

Vito Simone, member of the Greater Baltimore Board of Realtors, said the opportunities for loan refinancing and restructuring will rescue millions of homeowners from impending foreclosure. In response to those who are criticizing Obama for wasting taxpayer money helping people who may have been irresponsible with their finances, Simone said the foreclosure plan will prevent property values from falling further into bottom levels. He also said the plan will stabilize the housing market, ultimately contributing to the country’s recovery.

Meanwhile, Representative Elijah Cummings said Obama’s foreclosure program is not a support for housing-market speculators who failed. It is a combination of incentives and pressure to persuade mortgage lenders to help troubled homeowners save their houses from foreclosure. Cummings said that if the banks help the government, the government will also help them.

Even so, there are many analysts saying Obama’s plan may not be enough to rehabilitate the economy as businesses continue to close down and add more and more jobless Americans into the unemployment lines. They also say that more than 25 percent of home loan borrowers owe much more than the current value of their homes.

New home construction in California in 2009 is expected to be even lower than in 2008, which had only 65,380 units built, including only 33,048 single-family homes. As expected, less home construction means fewer jobs available for construction workers.

White House officials are still finalizing the details of which type of homeowners qualify for assistance, although Obama has already said troubled homeowners but still current with their payments will surely benefit from the government’s foreclosure plan. It has been announced that the program starts on March 4 and that homeowners have to contact their lenders for the evaluation of their options.

Many analysts and economists, in addition to Republican critics, are looking negatively at Obama’s foreclosure plan. But as President Obama said in his promotion of the government’s economic stimulus plan in Colorado and Arizona, the road to recovery for Americans is not easy, but Americans will prevail.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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