Stand up for the facts!

Our only agenda is to publish the truth so you can be an informed participant in democracy.
We need your help.

More Info

I would like to contribute

A sign of the times: the mortgage rescue plan
Angie Drobnic Holan
By Angie Drobnic Holan February 19, 2009

What a difference a year makes.

In 2008, presidential candidate Barack Obama talked about a plan to help homeowners with subprime mortgages refinance loans or sell their homes. About $10 billion should suffice, he said at the time.

The months went by, the economy worsened, and Obama won the election. On Feb. 18, 2009, President Obama unveiled his plan . Price tag: $75 billion.

The plan allows some homeowners to refinance loans by providing incentives to both lenders and borrowers. It excludes investors, speculators, people who fraudulently obtained loans, and people who purchased homes so beyond their means that even refinancing won't help them.

We examined the plan in detail and found Obama exceeded the terms of his campaign promise. We rated it a Promise Kept.

 

 

Sign Up For Our Weekly Newsletter

Our Sources

See individual Obameter items

Browse the Truth-O-Meter

More by Angie Drobnic Holan

A sign of the times: the mortgage rescue plan