Obama’s foreclosure plan triggered outrage as some people in media voiced out concerns about unfairness to responsible homeowners and property owners losing properties to tax foreclosures.
Applications for mortgage loans increased in February as average fixed-mortgage rates fell below 5 percent. Among these applications are refinancing requests by borrowers avoiding foreclosure.
The foreclosure prevention initiative announced by President Obama has generated support from mortgage professionals, builders and realtors who are hopeful that it would stabilize the housing market.
President Obama's foreclosure plan includes a scheme that gives up to $8,000 tax credit to first-time homebuyers earning less than a specified salary range.
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