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Rich Iacovetta

Obama's 2nd Term- Good or Bad for Interest Rates?

Friday, November 9, 2012 - Article by: Rich Iacovetta - First Priority Financial - Message

Now that Barack Obama has been re-elected president, people want to know how a second term Obama presidency will help the real estate housing market and mortgage rates. If you recall during the campaign and debates, very little was mentioned about how he plans to solve the housing crisis. However, he did jump start the HARP or home affordable refinance program to help underwater homeowners refinance their homes. But, the banks put caps on what was supposed to be an unlimited loan to value program, and as a result, many people are still finding themselves shut out from getting the help they need. He says in his second term he hopes to remove the red tape so that everyone can refinance, but first he has to come up with a plan and then convince a republican controlled house to pass it. So it remains to be seen what the next 4 years are going to hold for the real estate market, but as soon as changes happen, I'll be sure to let you know about them.

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