Cambridge Credit Counseling launches new site to promote alternative to Obama housing programMortgagePress.comCambridge Credit Counseling, Making Home Affordable, Barack Obama, Home Sweet Home, Christopher Viale
It's been more than one month since the Obama administration
announced the U.S. Treasury Department's Making Home Affordable
program. While that initiative has its merits, many believe that it
falls short of offering struggling homeowners the help they
desperately need. In an effort to promote awareness of its Home
Sweet Home alternative, Cambridge Credit Counseling announced today
that it has recently launched a new Web site, keepyourhome.us. The
organization's Home Sweet Home plan achieves economic stability by
directly addressing problems in the housing sector.
"Home Sweet Home has created a buzz in the credit counseling
industry, and its merits are easily understood," noted Christopher
Viale, Cambridge's president and CEO. "Our goal with the
keepyourhome.us Web site is to generate support. Anyone who visits
the site will see the initiative for what it is--an alternative
that will help more homeowners than the current housing recovery
plans in existence."
Economists and analysts alike predict that prices in the housing
market may decline by another 20 percent before they level off, and
that nearly half of all homeowners will owe more on their mortgages
than the current value of their homes. Some economists theorize
that the housing market will need at least another three years to
achieve price stability. Therefore, programs offering assistance
should be structured to anticipate the future needs of
homeowners.
The following is a brief overview of the progress that could be
achieved through the Home Sweet Home initiative.
• In the short-term, homeowners would gain the financial
relief they desperately need, while in the long-term, restructured
loans would help stabilize markets as these formerly toxic assets
performed successfully.
• The significant monthly savings to homeowners would
allow for an infusion of cash into the economy, as consumer
spending would undoubtedly increase.
• Banks would avoid significant foreclosure costs and
avoid having a backlog of homes to sell.
• The restoration of real value to suspect or worthless
loans would help free up the credit market and inspire consumer and
investor confidence.
• American families would be freed from the anxiety that
is paralyzing our economy. For more information, visit www.keepyourhome.us or www.cambridgecredit.org.
