(BEGIN VIDEOTAPE)
JIM ACOSTA, CNN CORRESPONDENT (voice-over): School bus driver and
mother of two, Minta Garcia got the letter every homeowner dreads,
your mortgage is in jeopardy of going into foreclosure.
MINTA GARCIA, DISTRESSED HOMEOWNER: We're going to be losing the
house. We're going to lose everything.
ACOSTA (on camera): You think you're going to lose everything?
GARCIA: Yes.
ACOSTA (voice-over): Her message to the president...
GARCIA: Stop with the foreclosure.
ACOSTA (on camera): Stop the foreclosures?
GARCIA: Yes. Right now, because if people are losing houses, losing
jobs, what are we going to do?
ACOSTA (voice-over): The White House says its housing plan will be one
leg of a multi-legged stool that includes the stimulus and fixing the
banks, with more legs to come to prop up the ailing economy.
TIMOTHY GEITHNER, TREASURY SECRETARY: This crisis in housing has had
devastating consequences, and our government should have moved more
forcefully to help contain the damage.
ACOSTA: Expected to cost $50 billion to $100 billion, the housing plan
targets foreclosures by modifying loans for troubled borrowers. Some
economists question whether the plan is big enough.
PETER MORICI, ECONOMIST, UNIVERSITY OF MARYLAND: We are likely looking
at a trillion dollars in mortgage losses before this is all over, and
putting $50 billion or $100 billion in is not going to solve the
problem.
ACOSTA: Like countless other Americans, Garcia admits she and her
husband bought more house than they could afford, but she says the
lender made the purchase all too easy. Now her mortgage is worth more
than her house.
(on camera): How much was the house when you bought it?
GARCIA: Eight hundred.
ACOSTA: Eight hundred thousand dollars?. And how much is the house
worth?
GARCIA: Right now, it's like $675,000 on the market.
So even if the price of your house goes down, how does that affect your house payments when you never lost your job???
Topic: School Bus Driver wants bailout for losing her $800000 home to foreclosure (Read 594 times)