Washington, D.C. -- Today on Fox News Senator John Ensign, Chairman of the Republican Policy Committee, spoke about his plan to fix housing and create jobs. Ensign hopes to include this in the stimulus plan as a way to improve the overall bill in a manner that targets one of the critical problems dragging down our economy – the housing market. Early estimates suggest 40 million Americans with mortgages would qualify for this plan.
Ensign’s plan would guarantee a 4 to 4.5% fixed-rate mortgage, which would provide a monthly savings of more than $400 for the average homeowner. This fixed rate would be available for a primary residence to new homeowners and for refinancing. Banks would issue these rates with government backing, and the average homeowner would save up to $150,000 on mortgage payments over the course of the loan. Compared to the current “so-called” stimulus bill, this proposal provides more bang for the buck because it targets the underlying problem in the economy, puts money back in the hands of the taxpayers and creates jobs.