Obama Encourages Refinancing

President Obama encouraged American Households to avail of refinancing opportunities through the administration’s "Making Home Affordable" initiative.The program is designed to allow homeowners that are underwater to refinance loans owned by Fannie Mae or Freddie Mac and take advantage of lower rates brought about by the Obama administration via the actions of the Treasury Department under the guidance of Secretary Geithner. Homeowners must be current on their mortgage and can refinance even if thier loan-to-value ratio is at 105% due to declining property values.

"We are at a time where people can really take advantage of this, and what we want to do is to send a message that if you are having problems with your mortgage – and even if you're not, and you just want to save some money – you can go to makinghomeaffordable.gov." Bank of America announced that it has begun refinancing such loans.

In addition to the stability provided by the Government program, there are signs that buyers are entering the spring market to take advantage of lower interest rates. Single-family permits were also up 11 percent in February with new and existing home sales posting solid gains. Inventory levels across the nation are slowly being reduced and key areas that showed the first signs of the housing slowdown are bouncing back.

Obama & Energy

President Obama today spoke of laying the foundations for economic growth through Green Technology and Renewable Energy.

Obama stated that America's dependence on oil is a major threat to it's economy and the environment. America will not be held hostage to hostile regimes, dwindling resources and a warming planet. Year after year we've chosen delay over action and today, "America is at a crossroads". Scientists, Researchers and Resources are available to pursue Green Energy. The Federal Government must work with and not against States that pursue energy efficiency and in the process reduce our dependency on foreign oil. Obama said "it's time for America to lead" and aims to create a true global conglomerate with countries coming together to achieve prosperity and security.

His goal is to help the auto industry of the future. 2011 is the target year to set new standards and reduce emmissions. Attaining 35 mpg by 2020 translates into a saving of two million barrels of oil per day.

Creating jobs and keeping jobs will aid the housing recovery as we move forward. Job security, confidence and affordability are all essential elements to putting the economy back on track. 

Obama Speech

Speaking a short while ago at a Wind Turbine Parts Plant in Bedford Heights, Ohio, President elect Barack Obama stated that he's planning to cut taxes by $1,000 for 95% of working families.

Obama also outlined that renewable energy will play a big role in his American Recovery & Reinvestment Plan. The goal is to double the current level of renewable energy within the next 3 years and saving or creating 3-4 million jobs in the process. Countries such as Germany, Spain and Japan are currently investing in renewable energy and have made it a priority of Government Policy. Obama stated that renewable energy can create millions of jobs in a new industry that cannot be shipped overseas if we act now.