Obama's $75 Billion Plan to Help Fight Foreclosure

In an effort to keep 9 million people from loosing their homes President Barack Obama unveiled his $75 billion mortgage relief plan on Wednesday, February 18th. The plan will reportedly help homeowners afford their monthly payments by either refinancing their mortgages or having their loans modified. The president is broadening the government resque to include those who are current on their monthly payments but are at risk of being default. Obama’s plan met a sharp opposition from the Republican party. Obama responded to critics: The plan is not meant to help irresponsible borrowers.

“It will not rescue the unscrupulous or irresponsible by throwing good taxpayer money after bad loans. It will not help speculators who took risky bets on a rising market and bought homes not to live in but to sell,” Obama said Wednesday. “It will not reward folks who bought homes they knew from the beginning they would never be able to afford.”

Video by Associated Press

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