Luis Hong Team - Top Producers in Southern California

President Obama Proposes New Bill to Save Homeowners

Published On: September 9, 2011

Yesterday, President Obama announced his new bill, The American Jobs Act. This act is aimed to reduce payroll taxes for small business and to help families that are currently underwater on their loans. Many believe that Obama did not provide enough specifics, but according to the National Association of Realtors, " Some housing advocates praised the president's refinancing proposal, saying it will help underwater home owners lock in record low rates and lower their monthly mortgage bill."

Critics say that President Obama has already spent billions to jump-start the economy without much resolve, and this bill will not be different than his economic stimulus plan.

Fortunately for home owners, interest rates are at record lows, and with new refinancing legislation, many home owners may be able to escape their horrible mortgages and get back on their feet financially. Rates may not stay low for much longer, and if this legislation passes, it will be the perfect opportunity for home owners to escape their toxic mortgage.