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Economy: Housing Crisis / Mortgage Rescue Plan #934246

CBS Evening News for Wednesday, Feb 18, 2009
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(Studio: Katie Couric) President Obama's plan to help homeowners with their mortgages introduced.

(Phoenix: Chip Reid) The rescue plan reviewed; details given about help for homeowners who are underwater or facing foreclosure, the “Pay for Success” plan, and increased funding for Fannie Mae and Freddie Mac. [In Arizona, OBAMA - says all of us are paying a price for this home mortgage crisis.] [Harvard University Joint Center for Housing Studies Nicolas RETSINAS†- notes if you don’t have money coming in you can’t pay anything.]

(Studio: Katie Couric) The qualification criteria noted.

(Studio: Anthony Mason) The plan’s impact on the housing crisis examined; scenes shown of the home where laid-off Californian Frank Torres†† barricaded himself to avoid eviction. [Empty Building Security Scott PYPER†- comments on his work with foreclosed properties.] [Moody’s economy.com Mark ZANDI†- says it’s not the silver bullet; predicts the housing downturn will get worse.] [TORRES – says he felt he had no options.] [Mortgage Bankers Assn. Francis CREIGHTON†- notes if someone has no prospect of future employment they won’t be helped.] The drop in new home construction cited. The timeframe for the plan discussed.

(Studio: Katie Couric) The Federal Reserve Board’s prediction that the economy will shrink noted; unemployment rate cited.

Reporter(s):
Couric, Katie;
Reid, Chip;
Mason, Anthony
Duration:
00:05:30

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