In his State of the Union Address on Tuesday night, President Obama finally showed the nation that he’s coming around to the same understanding as all the real estate agents. Homeowners need help now.
The president asked for the creation of a new task force charged with investigating housing fraud. This unit, composed of Attorneys General from multiple states, will investigate mortgage fraud and other practices that helped lead to the housing crisis.
This team will “hold accountable those who broke the law, speed assistance to homeowners and help turn the page on an era of recklessness that hurt so many Americans.”
This welcome news comes over a year after the same kind of coalition began investigating major banks and their flawed foreclosure malpractices including robo-signing. This new team will be expanding the former investigation to include lending and securitization issues.
In addition, Obama said he will be submitting a plan to Congress that will give responsible homeowners a chance to save $3,000 on their mortgages each year.
Finally Obama has decided to address the the sector that needs his help the most. As we’ve been saying all along, if the real estate market gets a boost, the whole economy will benefit from it.
Will Obama’s plan provide the relief that he is hoping for? With all the additional task forces set up to regulate and enforce mortgage practices, will we finally see some things changing in 2012?
Please share your thoughts below.