the housing crisis. Calling it "a crisis unlike any we've ever known" in home foreclosures, he said his plan is necessary to help save the economy.
"In the end, all of us are paying a price for this home mortgage crisis."
"And all of us will pay an even steeper price if we allow this crisis to deepen."
President Obama unveiled the plan while in Arizona, which has been particularly hard-hit by the housing crunch. The plan he outlined is much more expensive than many experts had expected. The goal of this plan aims to keep 9 million people from losing their homes. While discussing the plan as a broad strategy, and what it will mean for the economy, the President took great care not to miss the pain that the housing problems are causing for individual families.
"The American Dream is being tested by a home mortgage crisis that not only threatens the stability of our economy but also the stability of families and neighborhoods. While this crisis is vast, it begins just one house and one family at a time."One part will ease refinancing for people who owe more on their mortgages than their homes are currently worth. Another provides incentives for mortgage lenders to help those on the verge of foreclosure.
President Obama cautioned that the plan will not save every home but that he believes it will prevent "the worst consequences of this crisis from wreaking even greater havoc on the economy."
His final message:
"The plan I'm announcing focuses on rescuing families who have played by the
rules and acted responsibly. It will not rescue the unscrupulous or
irresponsible by throwing good taxpayer money after bad loans."
As a person with a mortgage teetering on the edge of going underwater, I really hope his plan works.