InfoAnda - Obama Offers $1.5 Billion For Housing Assistance

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Home U.S. World Entertainment Sports Business Health Science Technology Politics Offbeat Environment Travel News Articles Obama Offers $1.5 Billion For Housing Assistance Email Facebook Digg Twitter Buzz Up! ShareThis February 19, 2010 7:27 p.m. EST Topics: government, money and monetary policy, politics, executive (government), economy, business and finance, finance, United States Tom Ramstack - AHN Correspondent Las Vegas, Nevada, United States (AHN) - President Obama announced a $1.5 billion housing assistance program Friday as economists predict another wave of real estate foreclosures soon. Obama made the announcement during a town hall-style meeting in a suburb of Las Vegas, where the nation's foreclosure crisis is one of the worst. The money would help the same kinds of families that have expressed the greatest disappointment with his administration in recent polls. The $1.5 billion would be directed to the five states hardest hit by foreclosures, which means Arizona, California, Florida, Michigan and Nevada. "This fund's going to help out-of-work homeowners avoid preventable foreclosures," Obama said. "It will help homeowners who owe more than their homes are worth find a way to pay their mortgages that works for both the borrowers and the lenders alike." In each of the five states receiving the funds, the average price for homes has fallen more than 20 percent since the recession began in December 2007. A White House statement says the "Troubled Asset Relief Program" would help unemployed homeowners avoid foreclosure, encourage modification of mortgages at lower rates and assist borrowers who owe more than the value of their homes, which also is known as being "underwater." About a fifth of the nation's home mortgages are underwater now, according to banking industry reports. The government money would be given first to state agencies, then to banks and other lending institutions to reduce their fees to eligible homeowners. "This innovative program will allow us to work directly with states and localities to tailor housing assistance to local needs," said Treasury Secretary Timothy Geithner. "It's an opportunity to provide additional relief to the hardest hit states while continuing to strengthen our housing market stabilization efforts." The federal funds also could be a blessing for the banks after the Congressional Oversight Panel warned last week they are at risk from commercial property foreclosures. Congress organized the panel to monitor the government's financial bailout of banks. By 2011, about half of the nation's office and retail properties will be underwater, the Congressional Oversight Panel warned. About 40 percent of community banks hold a high percentage of commercial loans compared with their capital reserves, which means a commercial foreclosure wave could drive many of them out of business, said a report from the panel last week. A big part of the $787 billion economic stimulus program Congress approved one year ago was used to bail out large banks that had invested heavily in home loans. Obama said Friday he would get back "every single dime" used to rescue the banks. He also organized a committee to figure out how to avoid similar bank failures and large scale home foreclosures in the future. The $1.5 billion announced Friday follows a Treasury Department program that began in November to distribute $29 billion through state Housing Finance Agencies nationwide. Meanwhile, the housing market is showing signs of improvement. Construction starts on new homes reached a six-month high in January, according to government reports. They rose 21 percent in the previous year. Obama used the rest of his trip to Nevada to support Senate Majority Leader Harry M. Reid (D-Nev.), who faces a re-election campaign against a tough opponent, and to make amends to the people of Las Vegas. Earlier this month, Obama said at a town hall meeting in Nashua, New Hampshire, "You don't blow a bunch of cash on Vegas when you're trying to save for college." He mentioned Las Vegas as an example of the kind of wasteful spending that led to the recession. Las Vegas Mayor Oscar Goodman declined to meet the president when he arrived in Las Vegas Thursday. At a meeting Friday with the city's Chamber of Commerce, Obama said, "I love Vegas." Copyright © 2003 - 2010 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. 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