WKYT | Lexington, Kentucky | News

Obama Readies Foreclosure Aid

PHOENIX (AP) - A day after signing the economic stimulus into
law, President Barack Obama is unveiling a plan to tackle the home
foreclosure crisis.
The plan will offer government cash to get mortgage companies to
cut interest rates, and therefore monthly payments, for people in
danger of losing their houses.
The president is also backing legislation to give bankruptcy
judges the power to alter mortgage terms. Lenders have opposed
that, saying it will add risk and lead to higher interest rates.
Obama's announcement comes in Arizona, which has one of the
highest foreclosure rates in the country.
More than 2.3 million homeowners coast-to-coast faced
foreclosure proceedings last year. Analysts worry that number could
soar in the coming years.

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  • by steve on Feb 19, 2009 at 02:18 PM
    I will take bush any day get this moron out before it's to late.
  • by Ray Location: Hampton on Feb 19, 2009 at 10:12 AM
    Ummm...Terri? I hope you're being sarcastic. 4th Grade Civics will teach you that Congress controls the purse-strings of the nation. And Democrats have been in control of both sides of Congress since 2006, dear.
  • by Diane Location: Mt.Sterling on Feb 19, 2009 at 09:43 AM
    Barney Frank and Chris Dodd must be high five-ing themselves. They had direct oversight of huge Government Mortgage companies. They blocked any outside over-site. Then they blamed George Bush for their failure. And the media refused to confront them because they were democrats. And fellow liberals have sudden amnesia over their contribution to this situation.
  • by Zatoichi Location: Richmond on Feb 19, 2009 at 04:50 AM
    Thank goodness we have McConnell and Bunning watching out for the interests of ALL Kentuckians and not just the ones who got in over their heads and now whine about how 'da man done..done dem wrong'.
  • by Heather on Feb 18, 2009 at 02:48 PM
    Republican senators representing KY could care less.
  • by Halyn Location: Somerset on Feb 18, 2009 at 08:47 AM
    Apparently Kentucky's Republican delegation doesn't think homeowners facing foreclosure need help. Thanks for nothing, Senators McConnell & Bunning, as well as Congressman Rogers.
  • by Michael Location: Georgetown on Feb 18, 2009 at 07:41 AM
    If they would set the interest rate for homes at 4% and set the rate for credit cards at 5%, more people would buy a home, be able to pay for a home, and since we are a credit nation, actually be able to pay a credit card debt instead of incurring more debt through the high interest rate. You can actually pay 100 a month on a credit card and only pay 25 dollars on the actual debt. Who is getting rich here? Instead of giving billions to the rich, help the middle class..we are the ones getting the shaft. $13 a week extra on my check...what good is that!!!!
  • by excuse me on Feb 18, 2009 at 06:59 AM
    Why not try to help all homeowners instead of the ones that are in foreclosure? I would like my montly payment to be less.
  • by Terri Location: ky on Feb 18, 2009 at 06:15 AM
    Thank God for Obama, he will lead us out of this republican induced recession.


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