Earlier this week President Obama unveiled his mortgage foreclosure stimulus plan that will help existing homeowners refinance their mortgage at 4.5% and new homeowners be able to obtain a 4.5% mortgage rate.
Here are some key elements to Obamas stimulus plan:
*help current homeowners whose property has by a value of at least 15% with lower monthly mortgage payments.
*make it easier for borrowers to modify home loans loans.
*keep interest rates low ideally 4.5%.
*no help for speculators and those who profit on peoples downfalls.
*help homeowners before they default by allowing them to refinance at 4.5%

The current economy is making it harder and harder for responsible mortgage payers to make their payments every month in full and on time. Hopefully allowing them a chance to refinance at a 4.5% interest rate will lower their costs enough to increase their standard of living. Also, millions of people have lost their jobs or have had their hours reduced adding to the nearly 6 million homes facing foreclosure. Property values in neighborhoods are struggling, a 4.5% interest rate would most likely raise home values as property values also rise.

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