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Will president's new housing plan bring hope to homeowners?

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    Bob Massi answers viewer questions

  • Duration 3:41
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Pretty struggling with your mortgage -- are -- underwater as a lot of people are well the president unveiled his new housing plan to help -- yesterday.

If you're -- eligible for refinancing just because your underwater on your mortgage.

Through no -- zero.

This plan changes that.

You'll be able to -- finance at a lower rate.

You'll be able to save hundreds of dollars a month that you can put back in your pocket.

Or you can choose those savings to rebuild equity.

In your homes.

Okay this is good news Fox News legal analyst Bob -- on first and problems Americans.

Are facing from their foreclosure crisis is this -- -- war.

Tough way to start my morning I have to -- it look you know what you look back three years ago the first thing the government did was help the lenders.

For three years all we've seen -- programs they can't program the have to program for short sells the harp program.

On the whole on Paper look good but failed.

Bryant you cannot solve this problem by refinancing.

Underwater mortgages because all it is is another band -- It all it's going to do and how much suggesting saving 3000 dollars a year is not a good thing but are you kidding me.

That that's going to make a difference until we address the issue.

Reduction up principal issues right that's going to bring people out of this this is not this is nothing but political rhetoric Ed where have they been for three years for the homeowner it's been the lenders.

Who were given money.

It's been the lenders and don't even loan money anymore and now it's a political year and this epiphany.

There were gonna refinance homes underwater it's absolutely ridiculous what's going on here.

So what the government is suggesting and and we don't have a lot to talk about -- we don't know a lot of the details but.

If you can't afford your mortgage now the government's gonna give you new mortgage that they hope you'll be able payback.

But you're -- -- your comment about how it is political you make it sound like this isn't so much about people keeping there house's.

As much as it is the president keeping the White House.

He is going to be able to stand up and say if congress doesn't pass -- that we know that it doesn't look like it's going to because we don't know the details.

He's going to be to say look I came forward with this program -- -- that I welcome.

I welcome any program that's gonna help the whole -- I came up with this program.

And look what happened the Republicans they voted it down they really don't want to help homeowners -- wait a second Mr.

President no disrespect.

The question is.

Where have you been there for three years on this concept were millions of people in America.

-- illegal foreclosures.

Have wrongful foreclosures and nothing was done to the banks until attorney generals in this country stepped up and -- you will legally took people's homes.

What do you think that by you're gonna come up -- this wonderful refinancing right program that allegedly it's not gonna have a lot of red tape that that's gonna solve the problems.

Odds -- that it's not gonna solve the -- Bob the services by you now the election in Nevada to a little bit you'd caucus cut and Alex you have a great weekend.

All this is this is a great start to.

Right yeah you never know -- -- -- fired -- I don't do your blood pressure right now the number may alarm you I think you've got -- -- -- by the way for the next couple weeks Bob will be talking about -- it occurred in the investment world and what can be done to help you and if you have any questions for Bob email them to.

FOX & Friends back.

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