Two news video clips from CBS News we will take a look at. The first is a video explanation regarding the Obama Housing Plan. Lets watch -
Watch CBS Videos Online
Notice that the video discusses the another clause for qualifying we did not previously discuss - hardship due to medical issues. Sounds like something that was the influence of Elizabeth Warren.
The next video is explaining the underwater phenomenon. It seems to be still something many people can not wrap their heads around. That a house is worth so much less than what it was 2 to 3 years ago. Lets watch -
Watch CBS Videos Online
The lone comment under this clip asks what the families issues are. We think they are just a good, photogenic example of home owners that are severely underwater and tried to do the right thing. The have significant equity from the purchase price, but with the house value falling 50 percent since peak they owe 154% of the current value - and the Obama plan limits underwaters to 105%. The bad thing is this will not help the super bubble states, like Nevada, where one out of every two mortgage holders are underwater. But it should provide some stability to the rest of the country that did not see the huge bubble during the boom - or the huge fall during the bust.
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