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George Bush to Help Struggling Homeowners

Posted at December 5th, 2007 9:04 pm by Ryan Fiore
Filed under: Henry Paulson, Home Prices, Housing Market

President George Bush is expected to announce tomorrow plans that will help borrowers struggling to pay their mortgage payments.

Henry Paulson announced earlier this week that the Treasury Department has been working with investors and mortgage industry leaders on a plan that could bring relief to many of the people with adjustable rate mortgages that are set to reset within the next year.

President Bush is scheduled to speak about the US housing market at 1:40pm EST tomorrow to discuss steps that they have come up with to help homeowners avoid foreclosure. It is expected that this plan will outline a temporary hold for rates on subprime borrowers who could not afford to stay in their homes otherwise. A freeze of two years would help borrowers that obtained their mortgage at the end of the boom that starts at the end of 2005 and into July of 2006. Many of these borrowers are unable to refinance their homes due to falling property prices.

If you would like to read more about Bush set to unveil a plan to battle the mortgage crisis head on over to Reuters.

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One Response to “George Bush to Help Struggling Homeowners”

  1. mckindopal Says:
    October 15th, 2008 at 6:17 am

    DEAR PRESIDENT BUSH FOUNDATION IAM A WORKING SINGLER MON. IN 2004 MY HOME WAS DESTORY BY LAWENFORDMENT. AND I HAVE BEEN HOMELESS SINCE I HAVE STAYED WITH FAMILY MEMBER.I STAYED IN MY SON LIVING ROOM FOR 2YEARS. THANKING THAT THEY WOULD HELP REPLACE MY HOME BUT THEY NEVER DID.AND EVERY TIME THAT I TRY TO GET SOME WHERE TO STAY IT IS ALLWAYS TOO MUCH MONY OR NOT ENOUGH MONEY. OR YOU HAVE BAD CREDIT. WHAT THEY DID IT DID NOT HAVE ANY THING TO DO WITH ME. THEY WERE CHANGING A MAN THAT WERE RUNNING FROM THE LAW. AND HE RAN IN MY HOUSE AND LATER HE KILL HIMSELF IN THEIR.I AM IN VERY NEED OF HOME. THE PLACE THAT I STAY NOW THE MAN PUT IT UP FOR SALE.AND IF HE SALE IT I DO NOT KNOW WHAT I WILL DO . CAN YOU HELP.I KNOW THAT THEIR IS A GOD .BUT I KEEP PRAYER TO THE LORD THAT I CAN PUT SOME CLOSER TO THIS. THANK YOU FOR YOUR RESPOND.

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