Regardless of your politics, if you are one of the hundreds of thousands of Americans that are underwater with your mortgage balance in comparison to your home’s value; you are probably happy with today’s announcement from President Barack Obama which offers mortgage relief. Outside a family home in Las Vegas, by many accounts the focal point of the housing crisis, the president related "I'm here to say that we can't wait for an increasingly dysfunctional Congress to do its job… Where they won't act, I will."
It is my understanding that the program will revise the current Home Affordable Refinance Program, which was rolled out in 2009 and failed far short of the 5 million borrowers which were suppose to see relief. The new rules will allow borrowers to take advantage of the historically low interest rates that we are currently experiencing.
I’m just happy to see some movement that will help people get back on solid ground --- hopefully many, many hundreds of thousands of Americans will be able to do just that. Now if we can only get the jobs rolling in.