Hope Now Coalition:
The White house forms a new mortgage coalition to help people who are facing foreclosure. The ARM's resetting now and in the future can increase monthly payments by many hundreds of dollars, forcing more supply onto the market and driving prices down even further. The expectation is to help some two million households facing loss. The idea is to offer lower rates to individuals ho qualify and allow them to stay in their homes.
Affordable Housing Bill Passes the House
Now the House has just passed a bill, which Bush says he will veto if it gets to his desk. This is a much larger effort than Project Hope. The idea here is to create more affordable housing so that the boom that created such high prices cannot easily happen again. The House bill would create a federal trust fund to finance construction and rehabilitation of affordable housing. It would provide between $800 million to $1 billion a year with the goal of creating 1.5 million affordable housing units over the next decade by funding grants to a variety of housing providers.
The housing debacle has proven to many that housing has gotten beyond the reach of all but a few. I would like to see this bill pass so that homes remain within reach and job creation in America. Its how our money should be returned to us.
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