How I Benefited from the Obama Housing Policy

I am someone who has personally benefited from some of President Obama’s economic policies. In addition to getting the temporary payroll (Social Security) tax break, I am now refinancing my underwater home through President Obama’s Home Affordable Refinance Program (HARP). My home is now worth about $25K less than I owe due to the collapse of the housing bubble, and in three years I would be facing a significantly increased interest rate from the already high rate I have now if I were not able to refinance. I acquired my home in 2005 with a 10-year fixed rate, which would change to an adjustable rate mortgage at the 10-year maturity, because I did not plan on living there for over 10 years. But the housing crash put me in a difficult situation, as it has done for millions of Americans, and made refinancing pretty much impossible. Of course, selling the home at such a huge loss was not a viable option for me either. As I researched my refinance options, I found that no lender would have granted me a refinance loan for my underwater property on their own volition, even though I have never made a late payment. It’s only through HARP that I am now able to refinance and take advantage of some of the lowest interest rates in about half a century, and it didn’t cost the American taxpayers a nickel for me to do so. So thank you Mr. Obama, for helping me and millions of other Americans keep our homes with even lower monthly payments.

About the author

I have been an active Latter-Day Saint all of my life and have also been an enthusiastic Democrat and progressive since my days as an economics undergraduate student at Brigham Young University. The hostile climate towards progressives at BYU inspired me to get involved with the BYU College Democrats, where I served as president during my senior year. I have since obtained a master’s degree in international relations from the University of Oklahoma. I served a full-time mission to the Philippines. I’m active in my local ward, happily married and have two rambunctious little boys and an infant daughter.