Homeowners, mortgage and housing industry organizations, and home builders have been waiting to hear how the Obama Administration will address the nation’s housing woes, but they’ll have to wait just a little longer. Speaking to residents of Fort Myers, Fla., on Feb. 10 about the American Recovery and Reinvestment Plan, President Obama revealed he will announce a housing strategy “in the next couple of weeks,” according to a report by Reuters.
The President also stressed the importance of addressing the foreclosure crisis in order to solve the country’s economic crisis, saying, “We are going to do everything we can to help responsible homeowners here in Fort Myers and other hard-hit communities stay in their homes.” President Obama also noted that 90 percent of the jobs created by his stimulus plan will be in the private sector. The plan invests heavily in the green economy, supporting the creation of jobs across the renewable energy sector, and also invests in repairing the nation’s infrastructure, creating construction jobs. Read the President’s remarks.
On Feb. 10, the U.S. Senate approved a version of the economic recovery plan, which was different from the version approved by the U.S. House of Representatives in late January; by Feb. 12, the House and Senate had reached an accord on a compromise stimulus package totaling $790 billion. Reportedly, both the House and Senate are expected to vote and pass this new stimulus plan by the end of the week to have it on President Obama’s desk by Feb. 16. Read the article.
