U.S. President Barack Obama announced on Wednesday a new plan for the housing market to ease the pressure on buyers to repay their mortgages. He expects to save $3,000 per person per year.
The purpose of Obama’s plan is to help more homebuyers benefit from the current low interest rate environment, thus stimulating the recovery of the US real estate market and boosting the economy’s faster rebound. It proposes to relax the scope of the reorganization of applicants, and at the same time reduce the conditions for re-enactment. According to the plan, all homebuyers who have repaid in the past six months and have a credit score of more than 580 are eligible to apply for reorganization. The subject premises must be self-contained, single-family homes. Exceeding a certain limit, depending on the region, the quota ranges from 270,000 to 730,000 US dollars. It is expected that 90% of U.S. residents will meet the above conditions.
In addition, financial institutions including “Two Roomsâ€, Wells Fargo Bank, and Bank of America will also extend the grace period from 3 months to 12 months to help the defaulters avoid default and property foreclosure.
Since the financial crisis, the U.S. real estate market has continued to slump, and it has not yet bottomed out. The data released by the U.S. government on January 31 also showed that the number of American-owned houses fell to the lowest level in 13 years because the number of homes that were auctioned by banks after they were cleared by the banks has continued to rise. Caused further housing supply tensions, but also promote rental increases.
The bill needs to be submitted to the National Assembly for approval. It is expected to increase government spending by 5 billion to 10 billion U.S. dollars. Some analysts said that in order to promote the implementation of this bill, Obama is likely to once again raise the "tax increase" banner, and Republican members are expected to continue to oppose.
The purpose of Obama’s plan is to help more homebuyers benefit from the current low interest rate environment, thus stimulating the recovery of the US real estate market and boosting the economy’s faster rebound. It proposes to relax the scope of the reorganization of applicants, and at the same time reduce the conditions for re-enactment. According to the plan, all homebuyers who have repaid in the past six months and have a credit score of more than 580 are eligible to apply for reorganization. The subject premises must be self-contained, single-family homes. Exceeding a certain limit, depending on the region, the quota ranges from 270,000 to 730,000 US dollars. It is expected that 90% of U.S. residents will meet the above conditions.
In addition, financial institutions including “Two Roomsâ€, Wells Fargo Bank, and Bank of America will also extend the grace period from 3 months to 12 months to help the defaulters avoid default and property foreclosure.
Since the financial crisis, the U.S. real estate market has continued to slump, and it has not yet bottomed out. The data released by the U.S. government on January 31 also showed that the number of American-owned houses fell to the lowest level in 13 years because the number of homes that were auctioned by banks after they were cleared by the banks has continued to rise. Caused further housing supply tensions, but also promote rental increases.
The bill needs to be submitted to the National Assembly for approval. It is expected to increase government spending by 5 billion to 10 billion U.S. dollars. Some analysts said that in order to promote the implementation of this bill, Obama is likely to once again raise the "tax increase" banner, and Republican members are expected to continue to oppose.
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