Obama Housing Plan 2/18/09 February 2009

President Barack Obama has come out with a housing plan today February 18, 2009. Obama hopes the following plan will help stop foreclosures and help the housing market bottom.

House Affordability and Stability Plan Facts:

Problems:

• Americans who make their payments cannot refinance
• 6 million Americans could face potential foreclosure, due to hours cut or job loss.
• Neighborhood home values are struggling due to forced selling which causes their house value to plummet.

Housing Stability Facts - Main Points

• No Aid for speculators
• Access to Low-Cost Refinancing for Responsible Homeowners Suffering From Falling Home Prices
• Plan allows Up to 4 to 5 Million Responsible Homeowners to Refinance:
• Reduces monthly payments
• Interest rate reduction bringing monthly payment down to 31% of income
• Even if you have negative equity ( underwater loans ) you can refinance your loan

Will this plan work? Comment below! See a full fact sheet of this plan Right Here

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Stock Market 2/18/09 February 18, 2009

Today, February 18, 2009, the Stock Market is getting a small bounce in pre market with 30 minutes left to go before opening bell. President Barack Obama will give a speech at 12:15pm Est about a potential housing plan to stop foreclosures. Details are starting to come out and this plan actually looks really good!! The Stock Market Futures are rising as I am typing. There are many incentives in this plan that will actually help the housing market. This is an actual blue print for action versus Timothy Geithner's bank rescue goals that tanked the market. I am expecting a pretty nice day now!

Update 10:15am - Markets are testing lows....they do not like this housing plan afterall! We could see a rally when Obama starts talking later today. Drys turned out to be a false alarm but I will keep watching it.

What to Watch - Stock Market 2/18/09

MBIA ( MBI ) - Ambac ( ABK )
Dryships ( DRYS )
Nasdaq Resistance of 1500 & Nasdaq Support of 1434
Dow Jones Resistance at 7774, Dow Jones Support at 7500 and 7449
Bank Stocks BAC, C, FITB
Sentiment is still bearish despite the bounce we are getting this morning
Gold Falling ( $966 )
Oil Flat at $35

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