Obama administration promises mortgage relief to help 9 million borrowers
The Treasury department today announced the latest and greatest attempt to help troubled homeowners needing mortgage relief. Previous efforts have been nothing short of abysmal failures. But are 9 million borrowers really going to get meaningful government help.
The press release by the Treasury department and a 9 page fact sheet. The website for the Making Home Affordable program is available at FinancialStability.gov (indicated to be coming soon but already packed with lots of info).
"Underwater" mortgages
According to data from First American CoreLogic, 20% of all US single family homeowners are "underwater" on their mortgage. From the WSJ:
"The problem is most acute in Nevada, where the percentage is 55%, followed by Michigan (40%), Arizona (32%), Florida (30%) and California (30%). Stripping out those five hard-hit states, the national percentage is about 14%". Read more. 
Honk if you're paying my mortgage
A new bumper sticker for today's times. The stimulus backlash hits bumpers.
"Tennessee’s Republican Party is trying to tap into the resentment that some Americans are feeling about the Obama administration’s foreclosure prevention program". Read more.
Just a thought from the front lines in the Charleston real estate market, while the efforts of the Obama administration are well intended to help stem the housing problems, I just think that they are over promising and will eventually under deliver. But I'm hopeful that more rather than less troubled but deserving homeowners will be helped.
Let the bailout of the little guy begin! After all, we're living in a bailout nation.