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Mother said Josh Powell threatened her
SAN FRANCISCO, Feb. 20 (UPI) -- Housing experts in the San Francisco Bay Area doubt the plan to prop up the mortgage market will be enough to help many homeowners in the region.
The Oakland (Calif.) Tribune said Friday a large portion of the troubled mortgages in the high-priced market were well above the limits proposed by the Obama administration this week.
"The stipulations exclude the bulk of people who are in trouble in the Bay Area and California," said Rick Sharga, vice president of marketing at RealtyTrac, a Southern California market research firm.
The major stumbling block is that the sudden plummet in housing prices left many homeowners owing more than their home is currently worth. The Obama proposal limits new loans to up to 105 percent of the current value of the home, so people who paid high prices at the top of the market would not be able to refinance their original purchase prices.
The Tribune said other analysts were hopeful residents in more-rural areas where housing costs are lower could get some help from the program.
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The late Steve Jobs, co-founder of the U.S. computer giant Apple, had faults in his personal life but was a business visionary, associates told the FBI.
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