President Barrack Obama laid out a bold $75 billion, three part plan to help millions of Americans stave off foreclosures on their homes. One part would provide refinancing for 5 million American with  low-cost loans.

“When the housing market collapsed, so did the availability of credit on which our economy depends. As that credit dried up, it has been harder for families to find affordable loans,” Obama said. “In the end, all of us are paying a price for this home mortgage crisis. And all of us will pay an even steeper price if we allow this crisis to deepen _ a crisis which is unraveling home ownership, the middle class, and the American Dream itself.”

One part seeks to provide incentives to lenders to offer loans modifications that would bring mortgage modifications for those who are delinquent or at-risk to within 31% of a families monthly income.

For More details and questions and answers click on the link below:

http://rismedia.com/2009-02-18/obama-unveils-plan-to-stem-foreclosures/print/

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