The Obama Administration's Crusade for Homeowners

President Obama's multi-billion dollar proposal to help homeowners involves providing them refinanced, government-backed loans. The plan is not without its doubters, however.

1 minute read

February 7, 2012, 9:00 AM PST

By Judy Chang


Designed to be a helping hand to the middle-class, the proposed plan could help over 3 million homeowners refinance, even if they are underwater. It would cost billions of dollars a year provided by a fee on big banks.

HUD Secretary Shaun Donovan spoke in support of the proposal:

"Sen. Boxer and Sen. Isakson put a bill together to support what we were doing. And we've seen broad support across the political spectrum from economists who say broader refinancing is one of the most important things that we can do, not just to help homeowners -- it's an average of $3,000 a year that they would save -- but also to boost consumer spending."

Jacqueline Hlavenka challenges several aspects of the plan in this piece for GlobeSt.com, "With interest rates near zero, many are concerned that the US Treasury Department's third expansion of its Home Affordable Modification Program could create further stagnation, since many homeowners cannot qualify for loans to begin with."

Thanks to Michael Snidal

Wednesday, February 1, 2012 in PBS NewsHour

portrait of professional woman

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching. Mary G., Urban Planner

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching.

Mary G., Urban Planner

Cover CM Credits, Earn Certificates, Push Your Career Forward

Aerial view of town of Wailuku in Maui, Hawaii with mountains in background against cloudy sunset sky.

Maui's Vacation Rental Debate Turns Ugly

Verbal attacks, misinformation campaigns and fistfights plague a high-stakes debate to convert thousands of vacation rentals into long-term housing.

July 1, 2025 - Honolulu Civil Beat

Logo for Planetizen Federal Action Tracker with black and white image of U.S. Capitol with water ripple overlay.

Planetizen Federal Action Tracker

A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

July 9, 2025 - Diana Ionescu

Map of Haussmann's redesign of Paris in the 1850s through 1870s under Napoleon III.

In Urban Planning, AI Prompting Could be the New Design Thinking

Creativity has long been key to great urban design. What if we see AI as our new creative partner?

June 30, 2025 - Tom Sanchez

View of dense apartment buildings on Seattle waterfront with high-rise buildings in background.

King County Supportive Housing Program Offers Hope for Unhoused Residents

The county is taking a ‘Housing First’ approach that prioritizes getting people into housing, then offering wraparound supportive services.

July 11 - Real Change

Aerial view of suburban housing near Las Vegas, Nevada.

Researchers Use AI to Get Clearer Picture of US Housing

Analysts are using artificial intelligence to supercharge their research by allowing them to comb through data faster. Though these AI tools can be error prone, they save time and housing researchers are optimistic about the future.

July 11 - Shelterforce Magazine

Green bike share bikes parked in a row on a commercial street with outdoor dining and greenery.

Making Shared Micromobility More Inclusive

Cities and shared mobility system operators can do more to include people with disabilities in planning and operations, per a new report.

July 11 - Cities Today