Obama Announces Mortgage Relief Plan For Underwater Homeowners

AP: “Obama Offered Mortgage Relief On Monday To Hundreds Of Thousands Of Americans.” From an October 24 Associated Press (AP) article:

President Barack Obama offered mortgage relief on Monday to hundreds of thousands of Americans, his latest attempt to ease the economic and political fallout of a housing crisis that has bedeviled him as he seeks a second term.

“I'm here to say that we can't wait for an increasingly dysfunctional Congress to do its job,” the president declared outside a family home in Las Vegas, the epicenter of foreclosures and joblessness. “Where they won't act, I will.”

Making a case for his policies and a new effort to circumvent roadblocks put up by Republican lawmakers, Obama also laid out a theme for his re-election, saying that there's “no excuse for all the games and the gridlock that we've been seeing in Washington.”

[...]

While the White House tried to avoid predicting how many homeowners would benefit from the revamped refinancing program, the Federal Housing Finance Administration estimated an additional 1 million people would qualify. Moody's Analytics say the figure could be as high as 1.6 million.

Under Obama's proposal, homeowners who are still current on their mortgages would be able to refinance no matter how much their home value has dropped below what they still owe. [AP, 10/24/11, via MSNBC]

“Purely A Political Stunt”: Fox Attacks Obama's Mortgage Relief Plan

Tantaros: Obama's Mortgage Plan Is “Purely A Political Stunt.” During the October 25 edition of Fox News' America's Newsroom, co-host Bill Hemmer asked Fox News contributor Andrea Tantaros, “How vulnerable is this president on the issue of housing going into an election year?” Tantaros replied that Obama is “very vulnerable” and later said that “his plan is purely a political stunt.” [Fox News, America's Newsroom, 10/25/11]

Morici: Obama's Plan Is “A Re-Election Ploy.” On the October 25 edition of Fox News' Fox & Friends, co-host Steve Doocy interviewed economist and professor Peter Morici about Obama's mortgage relief plan. Doocy said, “You know, the president is trying to not only keep people in their houses, but to try to keep him in the White House as well with this.” Morici agreed, saying, “This is really a re-election ploy, because it's going to create new problems down the road.” [Fox News, Fox & Friends, 10/25/11]

Krauthammer: "[Obama] Knows That This Is A Farce." On the October 24 edition of Fox News' Special Report, Fox News contributor Charles Krauthammer said of Obama's plan, “But Obama is not here about fixing stuff. This is all about framing the debate. This is an appearance of motion. ... He knows that this is a farce.” Fox Nation later hyped Krauthammer's commentary in an October 24 post. [Fox News, Special Report, 10/24/11, via Fox Nation]

Dobbs: Obama's New Plan To Help Homeowners Is “Offering Up ... Bribes” So He Can “Get Re-Elected.” On the October 24 edition of Fox News' America Live, host Megyn Kelly discussed Obama's plan with Fox Business host Lou Dobbs. Dobbs attacked Obama's plan, saying it was “one of the most irresponsible initiatives [Obama] could take” and later claiming that Obama is “offering up billions -- hundreds of billions of dollars in bribes” so that he can “get re-elected.” [Fox News, America Live, 10/24/11, via Media Matters]