Saturday, January 31, 2009

Obama promises lower mortgage costs

President Barack Obama on Saturday promised to lower mortgage costs as part of his economic stimulus plan.

"We'll help lower mortgage costs and extend loans to small businesses so they can create jobs. We'll ensure that CEOs are not draining funds that should be advancing our recovery," Obama said.

"Rarely in history has our country faced economic problems as devastating as this crisis. Now is the time for those of us in Washington to live up to our responsibilities."

Most economists view the resetting of subprime mortgages as the catalyst for the current economic crisis. There will be resets of similar scope for adjustable rate mortgages this year and in 2011, something often ignored by those predicting a relatively quick economic recovery.

1/31/09: Your Weekly Address from White House on Vimeo.
Obama promises lower mortgage costs, new loans
The Associated Press - 1 hour ago
WASHINGTON (AP) - President Barack Obama on Saturday promised to lower mortgage costs, offer job-creating loans for small businesses, get credit flowing and rein in free-spending executives as he readies a new road map for spending billions from the ...
Video: Obama Sets Cool, Casual White House Tone AssociatedPress

Obama pledges mortgage help with new plan Deutsche Welle

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