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| President deserves credit for quick action |
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| Opinion - Editorials | |||
| Written by Doug Carder | |||
| Friday, 20 February 2009 09:00 | |||
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The Obama administration is tackling the housing crisis head-on, and that should provide a glimmer of hope for thousands of families facing foreclosure. On Wednesday, the administration announced a plan to stabilize the housing market by making it easier for up to 9 million people to refinance their mortgages, the Wall Street Journal reported on its Web site. This comes at a time when Florida judges are hearing “rocket dockets” of nearly 1,000 cases a day to sweep away a bulging backlog of foreclosures. President Obama’s plan could surpass $275 billion, and Republican leaders naturally are viewing the strategy with skepticism. But, unlike bailing out Wall Street, the merits of shoring up the housing market are abundantly clear. You don’t have to look any further than the record pages in our newspaper to see foreclosures are on the rise in our own backyard in Miami County. Homeowners need to study the plan and understand what it means for them, and time will tell if this strategy is best, but President Obama deserves credit for moving a mere month into his presidency to try and resolve this problem.
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