For those that don’t know, The President and his Treasury Secretary Tim Geithner unveiled the Homeowner Affordability and Stability Plan. This is, by my count, part three of the Presidential plan to kickstart the economy. The first was the stimulus bill, the second was the treasury plan to bail out banks even more with the updated Financial Stability Plan. You can read the overall gist of homeowner plan by checking out the Executive Summary. Here are some few highlights:

• They want to help responsible owners get lower mortgage rates for homes that have lost value and no longer qualify for the mortgage rates of today.
• Help those who have lost their job or portion of their income stay current on their mortgage payment.
• Targeted to help 7-9 million homeowners restructure and refinance their current mortgages.
• Pump more money into Fannie and Freddie Mac.

Do I think these things will turn the economy around? Doubtful. I’m not a big fan of government intervention. What wasn’t listed above is that the government is going to pay mortgage brokers to refinance loans and give them multiple incentives for changes existing loans. If you are job hunting, may I suggest the mortgage business because it’s going to be booming. I’ll probably discuss these incentives in a later post, but I wanted to know what others feel about this.

Are you enjoying this plan? Do you think it is a waste of money? Are you eligible?