Wednesday, February 18, 2009

Administration Announces Plans for Housing Rescue

Having survived its first month in office, the Administration has taken strong measures to restore the economy.

While Treasury Secretary Timothy Geithner announced the White House's Financial Stability Plan - which accounts for the administration of the second half of funding from the Troubled Asset Relief Program - late last week, the President signed the economic recovery package, H.R. 1 the "American Recovery and Reinvestment Act of 2009" into law yesterday afternoon while touring Denver, Colorado.

In just a few short hours, President Obama will be accompanied by Treasury Secretary Timothy Geithner and HUD Secretary Shaun Donovan to reveal plans for the "Homeowner Affordability and Stability Plan."

According to this article in the Washington Post, one primary goal for this plan is to incentivize lenders, by using an assortment of "carrots and sticks," to assist homeowners nearing default on their mortgage payments.

To learn more about the "Homeowner Affordability and Stability Plan," check out this executive summary posted on the Treasury Department's Web-Site. The summary is accompanied by this press release, fact sheet and consumer Q&A.

An entry entitled "Help for Homeowners" that describes the "Homeowner Affordability and Stability Plan" is also available on the White House Blog.

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