Obama's housing plan not enough to fix problems - International Herald Tribune: "His plan includes a 10 percent mortgage tax credit for homeowners who don't itemize their taxes, and a change in the bankruptcy law to allow judges to modify mortgages for financially distressed homeowners. Obama's Web site also says he will 'fight mortgage fraud and protect consumers against abusive lending practices,' and standardize loan forms to make it easier for borrowers to understand the true costs. But those proposals will have a minimal impact on the more than 4 million homeowners who are behind on their mortgages. They probably won't prop up home prices, which are down 18 percent from the peak. Nor will they bolster the confidence of consumers who have lost their jobs or are afraid they will. And Obama's plan won't make banks more willing to lend to consumers with less than perfect credit scores, or tiny down payments."
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Web site, schmeb site. It's about hope and change, people!
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