President–elect signals financial bailouts should be used to stop foreclosures

$700 billion set aside for financial rescue monies is hoped to be used in part to stop foreclosures. Rep. Barney Frank said that money is not likely to be available to homeowners until Bush leaves office in January. When President-elect Barack Obama is sworn into office and takes the reigns, we will see it happen.

Frank, of Massachusetts, said a goal of pouring billions into the finance industry is to allow lenders to free up money for lending. Frank believes the lenders must show some good faith by working with borrowers to mitigate homeowner loans. There's a question if that will happen enough at the lender level. So far, the President has asked lenders to mitigate loans on a voluntary basis and housing foreclosures haven't seen a change. Foreclosure rates are rising in spite of the voluntary request for lenders to mitigate. In addition, Frank has committed to tying up half of the $700 billion dollars if the president doesn't grant it to help homeowners in foreclosure. Frank also said The Federal Deposit Insurance Corporation has $24 billion they received from the financial bailout and the corporation will be offering part of their bailout money to help homeowners. This money doesn't have to go through a legislation process.

The lawmakers were expecting some of the bailout to go to homeowners risking foreclosure. They are frustrated that nothing has happened yet. They also look back and wonder what would have happened to the foreclosure rate if Washington had allowed the institutions to fold. Right now, they are blaming President Bush for the foreclosure crisis, pointing out:

• Poor enforcement of fair housing laws.
• Poor response to problems

Further examples of how the average taxpayer is being squeezed into a financial crunch:

• The auto industry is hoping for money to get bailed out since many people have lost jobs in this industry and may see further cut backs
• The foreclosure market is predicting to double in foreclosure this year
• More large employers are announcing layoffs
• Dow Chemical will lay off 5000 and shut down 20 plants
• 3M will lay off 1800 people
• Anheuser-Busch will layoff 1400 people this year
  

Those are the factors that face the average American. There will be more cries for help from industries, as well as State and local governments. An unstable insurance market is expected to ask for money. State and local governments are facing hard times as the recession continues and will most likely be looking for financial reinforcement.

Things that have current homeowners looking up: There was announcement that foreclosures would be stopped during the holidays. JP Morgan Chase is leading the way to putting a stop to filing any new foreclosures. There's something wrong, homeowners are still finding the bank looming over their property with knocks on the door at night and documents of foreclosure to sign in triplicate. What happened to Santa and his reindeer? Will they be able to get past the foreclosure workers knocking at the door?

It looks gloomy, but the best of hopes are with Obama to get this straightened out. We want it to happen slowly, of course, but not alone, because the government wants to get us standing again as much as Obama does. Things do seem to be moving slowly, but perhaps events are happening faster than they would under normal day to day business. In one sense, it is difficult because we are waiting on the change in our leadership on Capital Hill. On the other hand, the American public shows and shares hope for the Obama administration to be truly on the side of the average American.

Americans can weather tough times if they can envision hope for the future. Obama has provided that vision for America with the upcoming investment in new construction jobs to upgrade and repair the US infrastructure. The plan is to help the country develop jobs. While it helps the working American, there is no doubt it will be spreading the bounty to contractors. Contractors will be bidding for the jobs that will enable them to hire workers. Repairing our infrastructure leaves the country with the benefit of up to date and safe roads, sewage systems and transportation systems. It's a great way to support the American workers by increasing jobs in a sluggish economy.

A construction boom is expected in the country with Obama's plan to repair America's infrastructure. Jobs and employment will become available, not only in construction, but also in the field of compliance. There has to be compliance to contracts during and through to completion. This means a recording of costs and other contract requirements. The future is looking up for jobs, and homes being supported and invested in by the American Government.

Some jobs that will be coming available through infrastructure repairs include:

• Construction
• Project Management
• Engineering
• Managers
• Administrative
• Specialists
• Entry Level
• Maintenance
• Operations
• Environmental
• Payroll
• Accounts Payable
  

An update on the preparation for Obama's inauguration on January 4, 2009 seems fitting at this point since the American public is waiting for the swearing in of the new President who promises change. And, let's not forget, the first African American President. On January 4, the White House is expecting 4 million visitors to be present for the swearing in of the president on the steps of the Capitol. Rev. Rick Warren from the Saddleback Church in Lake Forest, California has been asked to give the prayer at the Inauguration.

Special software that will help attendees find their way around smoothly during the day is being offered for free online and is called, ''The free 2009 Presidential Inauguration Guide''. Developers call it THE MAP to have to stay on top of all the parties after inauguration, best places to eat while you're there, and parking directions. This is a part of what the software offers. The day will be a moment in history for America.