The Atlantic Home

Obama announced his proposal to prop up the collapsing housing market today in Phoenix (one of the country's foreclosure capitals). Having obviously learned from the debacle of Geithner's banking plan roll-out, today's proposal was both larger ($75 billion rather than $50 billion) and more detailed than many expected. The proposal has its faults -- it is more costly than necessary and includes cram down provisions -- but I expect it to be effective, and I'm glad to see the focus on servicer and homeowner incentives. The White House has published an executive summary of the plan (PDF) and an online Q&A. Here are a few of the plan's strengths and weaknesses: