Due to the sharp down turn of the economy, the masses of job losses, reduced incomes, and the deflated property values, people who were in loans that were sub-prime, negative amortization, or intermediary loans such as a 2,3,5,or 7 year fixed were unable to refinance their mortgages due to income qualifying and depressed property valued. The government came out with the HARP, Homeowner Affordable Refinance Pro...
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...too many homes remain on the market” (Schaefers). We as a nation need to rebuild consumer confidence and not only come to the assistance of the few but the many homeowners that bought into the concept of the American Dream of Homeownership. President Obama please come to the help of all homeowners that don’t fall into the criteria of the HARP program. Expand the program so the American people can stay in their homes and continue to live the American Dream. The sooner we act, recovery will take place and hope will be restored to the American People. President Obama, today is the “Time for Change” for all homeowners, tomorrow will be too late.
Schaefers, Allison. "Economists at odds on speed of Recovery." Starbulletin.com. Web. 26 Dec. 2009.
Wooley, John T. "Remarks on the National Homeownership Strategy." Presidency.com. Web. 28 Dec. 2009.
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