The Obama administration is expected to expand its mortgage aid program today and announce new measures that will help homeowners avoid foreclosures and guess what he’s specifically talking about . . . you guessed it… Short Sales!
Like many Americans, today I watched as President Obama took the oath of office and I listened carefully to the words he chose to mark the occasion. I spent the inauguration hour at my kid’s school and watched the ceremonies with my wife in our eldest’s second grade classroom. It just seemed the right setting to witness this bit of history.
Yesterday, Citigroup came forward in a deal with Senate leaders to support legislation that would allow bankruptcy judges to alter home loans in an effort to prevent foreclosures. Other lenders are expected to follow. The so-called “cramdown” proposal has been kicked around for a while now but has not yet made its way into law. It appears as if the legislation to make this change will find its way into President Elect Obama’s stimulus package and may become law soon.
Regardless of whether you voted Red or Blue yesterday, there is no doubt that today is a moment of great Change for our country. The American people spoke loudly and clearly that a new direction is needed in Washington and throughout this great nation.
