Obama Administration Accomplishments List
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- Accomplishment: $275 billion dollar housing plan (ref).
- What does it mean?
$275 billion dollars allocated to help prevent foreclosures and, in consequence, increase credit availability as our housing market recovers (ref).
- Why does it matter?
A lot of Americans lost jobs or had their hours cut during the recession (ref). With no or severely reduced income, many responsible, hardworking Americans found themselves suddenly unable to make mortgage payments.
Speaking from personal experience, I can attest that
moving out of a place you've made your home can be difficult to handle. I was fortunate: my parents lived close to me and were happy to welcome me back into their home while I got back on my feet. Many people would find this more difficult: even if someone were able and willing to offer them a place to stay, they may have to relocate away from the lives they have established and the core of potential jobs in their industries. The change in lifestyle is even more difficult with children.
Additionally, some homeowners found themselves in the Catch-22 situation of having homes with un-affordable mortgage payments but with no ability to sell their homes due to negative equity (ref). This aid will give them a chance to make payments and restore equity on their homes.
With more people hanging onto their homes, house values will begin to rise again. There's nothing like a boarded-up, bank-owned house next to yours to send your property values plummeting! (ref)
