This week was a fairly big week for Phoenix in the national news media; President Obama chose Mesa’s Dobson High School to announce his “Homeowner Affordability and Stability Plan”.
As you know, many people across America are financially hurting. Here in Arizona where property values have declined further many other parts of the nation, the financial pain being felt by people is probably higher .
Just moments after the plan was announced, Fox Business asked for my thoughts about the plan. To sum up my thoughts at the time?
We will have to wait until more information is released. The devil is in the details.
From everything that I can tell, in the next couple of weeks, we will be able to answer everyone’s questions about the plan and how it specifically relates to their situation… because after all, when it all comes down to it, most people want to know how it impacts their individual situation.
Generally speaking, the the Homeowner Affordability and Stability plan is a broad based plan that groups the targets of “help” into 3 groups:
- Help for those people who are owe slightly more than their home is worth and are current on their payments
- Help for those people who are not current on their payments and are on the path to foreclosure
- Help for Fannie Mae and Freddie Mac
How will this play out in Arizona where many people owe much more on their home than it is currently worth?
We should be able to find out in a couple of weeks.
More information about the plan can be found on the White House blog:
Arizona Mortgage Rates for February 20, 2009
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