September 3, 2008

Obama's housing plan is long on rhetoric

Perspective: Candidate proposes $10 billion to aid foreclosure victims

By Marcie Geffner, Inman News

As Democratic delegates and power brokers prepare in Denver, Colo., for the political party's presidential convention that begins tonight, real estate and mortgage professionals and homeowners may be curious about likely nominee Barack Obama's housing proposals.

The candidate's three-page housing policy statement doesn't say how many houses Obama owns (one), but offers plenty of speculation about the causes of the housing crisis, tons of rhetoric about the value of home ownership and a broad overview of the programs he supports. The statement offers some general insights into Obama's perspective on housing, but includes hardly any meaningful details about how his plans would be implemented.

Dubbed "Protecting Homeownership and Cracking Down on Mortgage Fraud," the plan aims to "crack down on fraudulent brokers and lenders," "make sure home buyers have honest and complete information about their mortgage options" and expand a tax credit for all "middle-class homeowners," according to the candidate's Web site.

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http://www.inman.com/buyers-sellers/columnists/marciegeffner/obamas-housing-plan-long-rhetoric