Posted 1 year ago on Aug. 28, 2012, 7:30 p.m. EST by ZenDog
from South Burlington, VT
This content is user submitted and not an official statement
From CBS News:
August 28, 2012 6:57 PM
President Barack Obama's federal mortgage relief programs have helped 3.4 million homeowners with government-backed mortgages to refinance. He wants to expand that to 3.5 million more homeowners with mortgages guaranteed by private banks.
"If you are ineligible for refinancing just because you are underwater on your mortgage, through no fault of your own, this plan changes that," Mr. Obama said in February.
It will cost the government $4 billion to back the refinanced mortgages. That has met stiff resistance in Congress.
Gov. Mitt Romney advocates a different approach: Get government out of the way and let the market work. As he told the Las Vegas Review Journal last year: "Don't try and stop the foreclosure process. Let it run its course and hit the bottom, allowing investors to buy homes, put renters in them."