Mark Livingstone and
Cornerstone First Financial

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Four Big Announcements in Obama’s Housing Speech

President Obama has unveiled his second-term housing agenda, which includes initiatives to support current homeowners, families hoping to buy their first home and the one-third of American households that rent. The plan has six basic pillars:

  • Help more homeowners refinance to today’s low interest rates;
  • Clarify and streamline regulations to help more creditworthy homebuyers get a mortgage
  • Spur demand for homes by fixing our immigration system;
  • Rebuild communities hit hard by the housing crisis;
  • Ensure that decent, affordable rental homes are available to people who cannot or choose not to own; and
  • Wind down the government-supported mortgage giants Fannie Mae and Freddie Mac and establish a more responsible system of housing finance in the U.S.

You’ll notices that some of these proposals, namely the refinancing plan and some aspects of the neighborhood revitalization plan, are carry-overs from Obama’s first term.

But there were also a few landmark announcements in the president’s speech and accompanying fact sheet.

Read the four big announcements and full report  here.