If your home is worth less than what you owe, President Obama says he is sending Congress a plan that will give every responsible homeowner in The United State of America the opportunity to save about $3000.00 a year on their mortgages.
The President proposed a package designed to boost the housing market. This is the administration's latest effort to reignite the economy after four years of foreclosures and falling home prices.
“No more red tape, no more runaround from the banks,” Said the President. “A small fee on the largest financial institutions will make sure that it doesn’t add to the deficit.”
Obama also proposes assistance for anyone holding a mortgage, who is wishing to apply for a refinance.