Editorial: More help from Obama
Money for hurting homeowners is latest in much-needed aid
Las Vegas Sun, 2/26/2010 - President Barack Obama and Senate Majority Leader Harry Reid, D-Nev., last week unveiled a $1.5 billion plan to help save homes from foreclosure. The plan will go to five states that have been particularly hit hard by the foreclosure crisis, including Nevada.
Noting that the administration had already helped 1 million homeowners adjust their mortgages and had worked to get a tax credit for first-time homebuyers, Obama said there was still more to be done to alleviate the suffering.
Reid said Nevada would receive at least $100 million, and that is important because the state has been particularly badly hit by the crisis, which has helped drag the state’s economy down.
Obama said it was important that the nation help the families that had “done everything right,” but may be struggling because of a job loss or a second mortgage.
Acknowledging that government cannot stop “every foreclosure,” Obama said it was the government’s responsibility to step in to try to help. That is important because the economic downturn has not only affected the housing market, but it also has taken a terrible toll on tourism, the main driver of Southern Nevada’s economy.
The president made the announcement on the heels of the anniversary of the American Recovery and Reinvestment Act. Speaking at Green Valley High School, Obama noted there is a problem between the perception and the reality of the act.
“The other week, I saw a poll that said Americans, they don’t like the recovery act — they just like all the individual parts of the recovery act,” he said to laughter.
The act has been harshly criticized by many conservatives as a waste of taxpayer dollars. They say it has done nothing for the economy but put the nation more deeply in debt, and they have been able to frame it that way to the public.
Read the whole article >>
Editorial: More help from Obama
Money for hurting homeowners is latest in much-needed aid
Las Vegas Sun, 2/26/2010 - President Barack Obama and Senate Majority Leader Harry Reid, D-Nev., last week unveiled a $1.5 billion plan to help save homes from foreclosure. The plan will go to five states that have been particularly hit hard by the foreclosure crisis, including Nevada.
Noting that the administration had already helped 1 million homeowners adjust their mortgages and had worked to get a tax credit for first-time homebuyers, Obama said there was still more to be done to alleviate the suffering.
Reid said Nevada would receive at least $100 million, and that is important because the state has been particularly badly hit by the crisis, which has helped drag the state’s economy down.
Obama said it was important that the nation help the families that had “done everything right,” but may be struggling because of a job loss or a second mortgage.
Acknowledging that government cannot stop “every foreclosure,” Obama said it was the government’s responsibility to step in to try to help. That is important because the economic downturn has not only affected the housing market, but it also has taken a terrible toll on tourism, the main driver of Southern Nevada’s economy.
The president made the announcement on the heels of the anniversary of the American Recovery and Reinvestment Act. Speaking at Green Valley High School, Obama noted there is a problem between the perception and the reality of the act.
“The other week, I saw a poll that said Americans, they don’t like the recovery act — they just like all the individual parts of the recovery act,” he said to laughter.
The act has been harshly criticized by many conservatives as a waste of taxpayer dollars. They say it has done nothing for the economy but put the nation more deeply in debt, and they have been able to frame it that way to the public.
Read the whole article >>
