burningbridges

“We’ve had enough of the can’t-do, won’t-do, won’t-even-try approach from George Bush and John McCain. We can’t afford another president who can’t be bothered to stand up for working people. It’s time for a change.” Obama said while speaking in Las Vegas today.

Obama’s plan is to put $10 billion dollars into a foreclosure prevention fund that would help current homeowners change their existing loans to avoid foreclosure. The plan also provides an incentive to sell the home if current payments are set way beyond a family’s income.

The main problem going on right now is that when the housing “bubble” occurred, loan companies were promising and even lying to get homeowners mortgages that they could not really afford just to get them into a home. Once this happened the banks would start foreclosing on the homes when either a payment was late or tried to be refinanced for a lower rate that was more affordable. So, what we have going on here in America are thousands of families losing their homes because mortgage companies are selling their accounts to banks who are then changing rates or stipulating harder rules and then taking those homes away.

Obama wrapped up his speech by saying, “Families should not be forced to stick to the terms of a home loan that was predatory or unfair. It’s time to close a loophole that protects special interests while punishing working people.”

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