Skip to content

Let's keep in touch

Subscribe to our newsletter for timely insights and actionable tips on your real estate journey.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions
BlogsREO Homes BlogObama Uses Bank Bailout Funds to Help Borrowers Facing Foreclosures

Posted over 16 years ago

Obama Uses Bank Bailout Funds to Help Borrowers Facing Foreclosures

Obama has taken $1.5 billion from bank bailout funds to help borrowers facing foreclosures. The President credited the majority leader of the Senate Harry Reid for helping to avoid a depression by putting forth a mortgage plan of $1.5 billion. It would be diverted to those states that have endured the worst of the attack.

Obama addressed a gathering of 1,800 persons in a two day event staged to raise funds for the Democrats and to campaign for two of the senators – Harry Reid and Michael Bennet (Colorado).

The fresh measures to contain residential foreclosures targeted Nevada in particular that has ranked first in the number of foreclosures for the last 37 running months. The previous steps taken have not been as effective as expected. Nevada has the second highest unemployment rate of 13% and is following close on the heels of Michigan.

Source

Comments (1)

  1. Obamas money? How about the hard working tax payer's money was taken from their pocket and given to big banks who then buy bonds to earn 5% on the money instead of using it for what it was designed for!

    Dale Osborn, over 16 years ago