Today George W. Bush proposed a program to help homeowners meet their mortgage payments. He improved a plan that would insure mortgage loans for homeowners who may have not been able to make their payments, or were looking at higher interest payments and for those whose homes have lost value in their property. The plan would help approximately 500,000 homeowners by the end of this year.
The proposed plan comes at a time when the US economy is on the brink of a recession. Failed mortgage loans and foreclosures are largely responsible for the current market turmoil that has cost billions.
The proposed plan is supposed to prevent another wave of foreclosures potentially driving millions of americans out of their homes as rising interest rates and dropping home values wipe out hundreds of billioins of dollars in home equity.
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