Local realtors react to to the President's mortgage plan

"I think the president has come out with some interesting ideas much of the plan does not give specific details." Christine Nothnagle is President of Nothnagle Home Securities Corporation, one of the biggest regional real estate companies in the region. She likes the president's plan but says she wants to hear more. "We have conditions in this country to deal with the sub prime industry and much of what he's talking about is a way to look at alternatives to help some of those homeowners who have been put in to sub-prime transactions," said Nothnagle.

On Friday, President Bush outliined a program to help homeowners struggling with high interest rate keep their homes. "What the President is talking about is utilizing the FHA program which is underwritten by the Department of HUD and seeing if they can come up with a refinance program," said Nothnagle.

"It's not the governments job to bail out speculators or those who made the decision to buy a home they knew they could never afford," said Presdent Bush.

Overall Nothnagle says the Greater Rochester area hasn't experienced the rate of bank foreclosures as some larger cities, still she says any reform is good for the homeowners and lenders. "Anything that can be done to simplify the process for people that are in higher cost loan to refinance to todays market is beneficial to everyone," added Nothnagle.