obama economic plan 2009

obama economic plan 2009

How Will Obama’s New 2009 Stimulus Package Affect Your Mortgage?

The plummeting home values and concurrent rising unemployment has put a tremendous strain on the everyday homeowner resulting in rising foreclosure and bankruptcies rate. To address this growing problem, President Obama is once again assisting homeowners in controlling the affordability of their mortgages through a Stimulus Package.

His plan involves the use of grants, loans and tax credits that you can apply for through your lender. By searching online for terms such as affordability or loan modification, you can read more about Obama’s homeowner rescue plan.

The key component of the Stimulus Package is to have loan modifications that adjust homeowner’s monthly mortgage payments to match their gross income. This will allow many households to begin spending once again on goods and services. This spending is critical for a successful economic recovery.

Here are the key features of the Stimulus Package:

- In the past, if your home equity was under 20% you could not apply for a loan modification. Under the new Package, these homeowners will qualify for loan modification. Loans with Freddie Mac or Fannie Mae are eligible for loan modification.

- The new monthly mortgage payments will not exceed 31% of your gross monthly income.

- If you currently have an adjustable rate mortgage, you can modify your loan to be a fixed rate mortgage. With the steady drop in interest rates from 6.5% to 5.16%, this can add significant monthly savings for the homeowner.

- Finally, the mortgage terms can be extended by 20-30 years further reducing your monthly payments through a reduction in your mortgage rate.
About the Author

For tips and facts about how you can benefit from Obama’s Home Stimulus Plan – or to find out if you qualify, visit our no nonsense home stimulus guide: http://ObamasStimulusPackage.net

Will Obama “redistribute” all my stuff now.?

If I have a house, two cars, a boat, savings in the bank, and five bucks in my pocket, how much will I have left after the Obama “communist” economic plan is put in place?

(hint…I am going to spend the five bucks before January 20, 2009)
Well thank you for all of the thoughtful answers, but the answer is that I will retain everything except the five bucks that I will spend myself.

Hint

Sadly but true..there has been a lot of capital flight out of the us.

yes..people with money sent it elsewhere..and we will not have the investments because Obama is coveting his neighbor’s goods.

It is truly a very black day in history. Historic but Black.

I am also hiding my assets and I don’t care who calls me unpatriotic.
You do not have a right to my earnings.

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