Obamas Home Affordability Plan will help millions of homeowners who can not keep up with their monthly mortgage payments by screwing everyone else! This is great news for 6 million homeowners and dozens of banking executives! Meanwhile in the real world everyone else without a mortgage is screwed.

Some of the key points of Obamas housing stimulus plan are:

-Help existing homeowners who have seen the value of their property drop due to the bad housing market and other elements. This will help homeowners refinance into a better mortgage with lower monthly payments saving them thousands over the course of the mortgage.

-Make loan modification and refinancing rules more relaxed which will allow for easier loan modifications and refinance for current homeowners.

-Keep interest rates fixed and around 4.5% for a fixed rate 30 year mortgage.

-Prevent foreclosures and defaulting mortgages by allowing homeowners to refinance their loan into a new one with a 4.5% interest rate.

This economy is making it hard for everyone. So now luckily the greedy borrowers who bought more home than they can afford will get bailed out by people who do not have their own home, or by people who have been paying for their own home withour the governments help. Yay for 6 million homeowners, screw the others.

-M Petrone

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