It’s been more than one month since the Obama administration announced the U.S. Treasury Department's Making Home Affordable program. While that initiative has its merits, many believe that it falls short of offering struggling homeowners the help they desperately need. In an effort to promote awareness of its Home Sweet Home alternative, Cambridge Credit Counseling announced today that it has recently launched a new website, keepyourhome.us. The organization’s Home Sweet Home plan achieves economic stability by directly addressing problems in the housing sector.
“Home Sweet Home has created a buzz in the credit counseling industry, and its merits are easily understood,” noted Christopher Viale, Cambridge’s president and CEO. “Our goal with the keepyourhome.us website is to generate support. Anyone who visits the site will see the initiative for what it is – an alternative that will help more homeowners than the current housing recovery plans in existence.”
Economists and analysts alike predict that prices in the housing market may decline by another 20 percent before they level off, and that nearly half of all homeowners will owe more on their mortgages than the current value of their homes. Some economists theorize that the housing market will need at least another three years to achieve price stability. Therefore, programs offering assistance should be structured to anticipate the future needs of homeowners.
The following is a brief overview of the progress that could be achieved through the Home Sweet Home initiative.
In the short-term, homeowners would gain the financial relief they desperately need, while in the long-term, restructured loans would help stabilize markets as these formerly toxic assets performed successfully.
The significant monthly savings to homeowners would allow for an infusion of cash into the economy, as consumer spending would undoubtedly increase.
Banks would avoid significant foreclosure costs and avoid having a backlog of homes to sell.
The restoration of real value to suspect or worthless loans would help free up the credit market and inspire consumer and investor confidence.
American families would be freed from the anxiety that is paralyzing our economy.
To view a brief social media introduction to keepyourhome.us, please visit the following link Obama's Housing Program: One Month Later.