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By Danielle Babb, dean of business at Andrew Jackson University.
Many are in favor of the Obama Housing Plan that was announced on Wednesday, February 18, 2009. It was touted as the first plan designed to help struggling homeowners who were unable to refinance because they owe more than their homes are worth.
The plan would supposedly help 7 million to 9 million homeowners, with 4 million to 5 million through Freddie Mac (FRE Quote) and Fannie Mae (FNM Quote) and the rest through incentivizing banks to modify mortgages.
The plan isn't all it's cracked up to be. There are several issues on both the homeowner and investor side as well as the lender and builder side that make this plan problematic in the long term. ...
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