[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2009/POLITICS/02/18/foreclosure.plan/art.foreclosure.gi.jpg caption="President Obama's $75 billion home foreclosure plan would benefit 9 million borrowers."]
Tonight, we'll have the latest on Pres. Obama's $75 billion plan to help homeowners. It targets two groups: Homeowners who owe more than their home is worth, due to falling real estate values. And, those families without a paycheck and having a tough time paying their mortgage.
Pres. Obama says the plan will help up to nine million families restructure or refinance their mortgage so they can avoid foreclosure.
Some of the key parts of the rescue plan:
– Refinance loans for homeowners currently making payments, into a 15-year or 30-year loan with a fixed rate of interest.
– Encourage lenders to cooperate by offering them $1,000 for mortgages that are modified successfully
– Modify loans for those who are struggling to make payments. The goal is to bring payments to no more than 31% of a borrower's income
You can get more details on the plan HERE.
Pres. Obama stresses this plan is for only those who "played by the rules and acted responsibly."
"It will not rescue the unscrupulous or irresponsible by throwing good taxpayer money after bad loans. It will not help speculators who took risky bets on a rising market and bought homes not to live in, but to sell. It will not help dishonest lenders who acted irresponsibly, distorting the facts and dismissing the fine print at the expense of buyers who didn't know better," said Mr. Obama today.
Others aren't happy with the plan at all.
You'll hear from them tonight, as well.
Could your home join the nearly six million others in foreclosure or at-risk for foreclosure? We want to know what you think of the plan. Share your thoughts below.
And, join us at 10pm ET for this story and more.
See you then!
Anderson Cooper goes beyond the headlines to tell stories from many points of view, so you can make up your own mind about the news. Tune in weeknights at 8 and 10 ET on CNN.
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