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Cali_Democrat

(30,439 posts) Thu Jun 26, 2014, 06:03 PM Jun 2014

Obama administration unveils plan to expand affordable housing

Source: Reuters/Yahoo

WASHINGTON (Reuters) - The Obama administration on Thursday said it would tap Treasury funds to bolster the construction of affordable rental housing and extend the life of a program aimed at helping struggling homeowners avoid foreclosure.

The announcement by Treasury Secretary Jacob Lew was timed to coincide with the fifth anniversary of the Making Home Affordable program, an Obama administration initiative launched at the height of the economic crisis to revitalize the housing sector.

He said the program would be extended for at least another year. "We need to continue to be there for homeowners who are facing foreclosure, those who are struggling with increasing interest rates on their modified mortgages, and those whose homes are caught underwater," Lew said in remarks prepared for delivery at an event to mark the program's anniversary.

Lew also said the administration would use money from the Treasury Department's Federal Financing Bank to help housing finance agencies fund the construction of more affordable rental housing.

Read more: http://finance.yahoo.com/news/obama-administration-unveils-plan-expand-210043327.html

11 replies

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Highlight:

Obama administration unveils plan to expand affordable housing (Original Post) Cali_Democrat Jun 2014 OP

We're creating even more of a rentier society MannyGoldstein Jun 2014 #1

astute observation indeed n/t Psephos Jun 2014 #5

GOTV. We can't get any kind of legislation through Congress right now Cali_Democrat Jun 2014 #6

Before I read the article, I knew this would involve giving tax dollars or incentives to rich people Skeeter Barnes Jun 2014 #10

What's the liberal solution? IronLionZion Jun 2014 #11

I forgot that it is always a bad idea to read comments on Yahoo. djean111 Jun 2014 #2

Ya...I rarely read article comments Cali_Democrat Jun 2014 #3

I actually do read comments, most of the time. djean111 Jun 2014 #4

We must try. At least the President is trying. The rent is TOO DAMN HIGH! And it not only kelliekat44 Jun 2014 #7

I'm sorry but I had to BumRushDaShow Jun 2014 #8

Oh please don't make the banks lend to anyone again...! maced666 Jun 2014 #9

MannyGoldstein

(34,589 posts)

1. We're creating even more of a rentier society

Reply to Cali_Democrat (Original post)

Thu Jun 26, 2014, 06:07 PM

Jun 2014

We'll make it cheaper for rich people to buy up all the property that got foreclosed on when we bailed out the rich and #%^* ed everyone else, then the proles can pay rent on it.

Wheee!

Enough!

Psephos

(8,032 posts)

5. astute observation indeed n/t

Reply to MannyGoldstein (Reply #1)

Thu Jun 26, 2014, 06:26 PM

Jun 2014

Cali_Democrat

(30,439 posts)

6. GOTV. We can't get any kind of legislation through Congress right now

Reply to MannyGoldstein (Reply #1)

Thu Jun 26, 2014, 06:35 PM

Jun 2014

Everything is blocked.

Warren's recent student loan bill which Obama supported?

Obama To Endorse Elizabeth Warren's Student Loan Proposal

http://election.democraticunderground.com/10025060481

Flushed by Mitch McConnell.

Instead of attacking Dems, perhaps we should be more focused on getting the GOP assholes out of Congress?

Skeeter Barnes

(994 posts)

10. Before I read the article, I knew this would involve giving tax dollars or incentives to rich people

Reply to MannyGoldstein (Reply #1)

Thu Jun 26, 2014, 07:24 PM

Jun 2014

IronLionZion

(45,442 posts)

11. What's the liberal solution?

Reply to MannyGoldstein (Reply #1)

Thu Jun 26, 2014, 11:01 PM

Jun 2014

There's multiple factors involved in the renter society. People move more often for jobs than before. And foreclosures are still a problem. And there are tougher lending standards after the subprime crisis. Plus many people's credit have been wrecked. Plus housing has gotten extremely expensive in some cities as their economies have improved and population has grown.

djean111

(14,255 posts)

2. I forgot that it is always a bad idea to read comments on Yahoo.

Reply to Cali_Democrat (Original post)

Thu Jun 26, 2014, 06:17 PM

Jun 2014

Cali_Democrat

(30,439 posts)

3. Ya...I rarely read article comments

Reply to djean111 (Reply #2)

Thu Jun 26, 2014, 06:19 PM

Jun 2014

Except maybe on Huffington Post or TPM.

djean111

(14,255 posts)

4. I actually do read comments, most of the time.

Reply to Cali_Democrat (Reply #3)

Thu Jun 26, 2014, 06:21 PM

Jun 2014

Sometimes they are ridiculous, sometimes illuminating, sometimes I recognize trolls, sometimes trolls are called out.
Like weird little town hall meetings! :-O

kelliekat44

(7,759 posts)

7. We must try. At least the President is trying. The rent is TOO DAMN HIGH! And it not only

Reply to Cali_Democrat (Original post)

Thu Jun 26, 2014, 06:43 PM

Jun 2014

hurts families but it hurts small businesses also.

BumRushDaShow

(128,966 posts)

8. I'm sorry but I had to

Reply to Cali_Democrat (Original post)

Thu Jun 26, 2014, 07:03 PM

Jun 2014

Glad to see this effort though.

I am so sick of home builders continually building McMansion after McMansion after McMansion.... And I'm like "WTF? Where is just the average 2-story house with 3 bedrooms and 1 or 2 bathrooms?" And it shouldn't have to be for rental.

maced666

(771 posts)

9. Oh please don't make the banks lend to anyone again...!

Reply to Cali_Democrat (Original post)

Thu Jun 26, 2014, 07:16 PM

Jun 2014

This appears to a more well thought out and smart approach.

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