The Homeowners Affordability and Stability Plan, introduced by President Barack Obama, or also known as Obama's Loan Modification Program, aims to assist 7 million U.S. citizens. The Obama modification plan is expected to lower the high interest of ARMs to a 4.5% fixed rate.
The Problem - Economic Recession
Currently undergoing one of the worst ever economic recessions in the history of the United States, business has drastically and significantly decreased up to 70% of the country's normal economic activity. American families have to scrimp and save their lowered income not only to feed the household, but also to ensure that they continue to have a roof over their heads.
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Ranked as the worst since the Great Depression of the 1930s, the present recession has caused a tremendous collapse in demand for all areas of the economy. Among the fields of business deeply affected, is the home market, which faces the worst decline in the last 25 years. But, through the instigation of the U.S. government, hope comes through Obama's Modification Program as a solution to a steadily worsening problem.
Effects:
Widespread credit crisis Problematic loan markets Mounting Foreclosure costs Escalating unemployment rate
The Solution - Loan Modification
Regardless of what the specialists declare, economic consultants and planners remain positive and hopeful that the U.S. can still and will recover from its financial stump. Many of them consider the government's economic stimulus, through the Obama loan program, as the answer to the current financial crisis.
Through the Obama Home Mortgage Plan, each homeowner can get access to a fixed-rate mortgage for 30 years. With refinancing made available, the current rate of 5.47% will be decreased to a mere 4.5% interest rate.
Estimated Outcome:
Reduction of interest rates, will helping people have more money through the loan modification Funds saved will be funds made available for other essential needs Money spent will then increase the economy's gross demand
The Loan Modification's Benefits for the Economy:
Reduction of interest rates -- helping people have more money through the loan modification Funds saved will be funds made available for other essential needs Money spent will then increase the economy's gross demand
Obama's Loan Modification Program's Benefits for You:
You will receive a fixed rate plan that will reduce the high interest of your mortgage You will receive a reward of $5000 just by staying current on your modified mortgage You will receive lowered rates on your principal balance You will no longer receive charges and late fees
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