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Bankruptcy Law Alters Obama’s $275 Billion Housing Plan
U.S. President Barack Obama yesterday (Wednesday) released a proposed housing program designed to prevent up to 9 million “at risk” Americans from losing their homes. However, some critics say they were surprised that the proposal is more ambitious – and more expensive – than initially expected, and includes controversial changes to bankruptcy laws that could cause the mortgage market to freeze up.
In fact, an Obama administration official told Reuters the total plan commits up to $275 billion for housing, including $50 billion from funds already committed in the country’s financial sector bailout.
Headlining the plan is a $75 billion Homeowner Stability Initiative,…
19Feb2009 | Money Morning | 0 comments | Continued
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