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Economic Report from White House Summarizes Housing Initiatives

in Government February 17, 2012 658 Views

The 2012 ""Economic Report of the President"":http://www.whitehouse.gov/sites/default/files/microsites/ERP_2012_Complete.pdf was released by the White House Friday, and summarized how the Obama administration has and will attempt to move the housing market forward towards stability.

[IMAGE] [COLUMN_BREAK]

The theme for report was ""To Recover, Rebalance, and Rebuild,"" and when addressing the housing market, the report stated that while housing markets are stabilizing in many regions, the healing process will take time.

In order to restore the housing market back to health, the report spoke of initiatives from the Obama administration including:

* Reducing the inventory of foreclosed homes by converting them to rental units

* Allowing more homeowners to refinance mortgages at current low interest rates

* Offering ""meaningful"" assistance for unemployed homeowners so they can stay in their homes

* Providing credit for responsible underwater homeowners

* Implementing sustainable modifications for delinquent loans

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About Author: Esther Cho

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