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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.
- Couric, Katie;
- Reid, Chip;
- Mason, Anthony
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