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Rating:Fink Attacks Obama's Making Home Affordable Plan Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, September 18, 2009

Fink Attacks Obama's Making Home Affordable Plan

News summary by MFWire's editors

BlackRock CEO Larry Fink said White House programs meant to help troubled homeowners may keep down the mortgage market, Bloomberg reported Friday.

“I am just very worried,” Fink told Bloomberg Thursday. “How do we get a vibrant securitization market back when we are doing these things in the short run that are good for the banking system and good for the homeowner but not as good as it should be?”

The $75 billion Making Home Affordable plan uses taxpayer subsidies to encourage lenders to cut borrowers' monthly payments on first mortgages to 31 percent of their income

Fink said that because the plan does not require home-equity loans to be erased before changing the mortgage, second loans may be modified, too, thus hurting the first lenders, as well.

Fink, who supported Obama in last November's election, proposed a different solution: ““If you really want to protect the homeowner, wipe out the second lien, modify the first lien,” Fink said. 

Edited by: Adam Kommel


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