Articles on Obama

How Obama's Mortgage Plan May Affect New York City Real Estate

Obama's mortgage plan may affect New York CityPresident Obama is confronting the mortgage crisis head-on. His mortgage plan includes two key initiatives, focusing on refinancing and homeowner stability. Let's sum up each and look at how they may affect New York City...

The Refinancing Initiative

This initiative eases back refinancing requirements. For many homeowners, refinancing is now an option. There are credit rating and responsibility requirements, of course. But those who used to be high and dry, such as homeowners with less than 20% equity, can now play a little ball. Also, refinanced loans can't include early payment penalties... another plus. 

Change Manhattan Should Believe In?

changePresident Obama's push for a bailout proposal is going over pretty well here... but are New Yorkers expecting a little too much from the stimulus package? Eliot Brown at The Observer notes that the reality may not line up with our hopes...

The Bloomberg administration today announced it expects it will get from the federal stimulus package roughly between $500 million and about $1 billion in capital dollars, according to testimony at the City Council delivered by Jeff Kay, director of the mayor’s Office of Operations. That money, spread over two years, is not a particularly enormous sum given that the city’s capital plan calls for more than $18 billion in spending over the next two years.