Posted by: phillipsre | February 13, 2013

Focus on Homeowners in the State of the Union

houseLast night, President Barack Obama gave his State of the Union address. In his hour long speech, he focused on a number of issues. One important issue that stood out was the focus on homeowners and the mortgage crisis. “President Obama announced an important initiative to address the housing crisis: one that will help affected homeowners while investigating and punishing those who helped create the problem.”

There will be a task force put in place to make sure that those that were responsible, actually take responsibility and make sure that this type of crisis doesn’t happen again. Additionally, there will be some relief for those homeowners that are working hard and staying current on their mortgage, allowing them to refinance at a lower rate. “I’m sending this Congress a plan that gives every responsible homeowner the chance to save about $3,000 a year on their mortgage, by refinancing at historically low interest rates. No more red tape. No more runaround from the banks,” Obama said.

Now, with all politics, there is always a feeling of uncertainty (for me at least), questioning when will that $3000 will actually reach my wallet and when will this plan actually go into effect? But I am going to hope that is on the top of the list and homeowners that need it get the breaks they deserve.

For more information from TheNation.com on the Real Estate Focus of the State of the Union, click this link. And from CBS, for the entire video of the State of the Union click here. (You may want to watch this at home, streaming video at work is usually a no, no :-))

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