In the midst of an economic crisis, President Obama has been on the move to offer help for Americans suffering from financial hardships. Whether the issue is overwhelming student loan debt, bankruptcy or foreclosure, Obama has been on a mission to help our nation try to stay afloat in tough times.
In The Works
The new plan is said to offer homeowners drowning in mortgage debt a chance for relief. New federal rules will take place to remove the requirement that the mortgage could be no more than 125 percent of the home’s value. The idea being to remove the burden of a mortgage that exceeds a home value, which should straighten out some lending practices.
A revamped refinancing program is also in development, in which many homeowners would be eligible to refinance their mortgage regardless of whether they were in default or not. Opening up the refinancing eligibility to more homeowners would reduce the overall mortgage debt burden so many Americans are facing, decreasing the risk of foreclosure and boosting the economy through improved consumer confidence.