[lbo-talk] Obama Unveils $75 Billion Plan to Fight Home Foreclosures

Charles Brown cdb1003 at prodigy.net
Thu Feb 19 08:15:14 PST 2009


This seems to be a version of Jon Stewart's joke - subsidizing mortgagers.

CB

^^^^^ The New York Times February 19, 2009

Obama Unveils $75 Billion Plan to Fight Home Foreclosures By SHERYL GAY STOLBERG and EDMUND L. ANDREWS

MESA, Ariz. — President Obama pledged on Wednesday to help as many as 9 million American homeowners refinance their mortgages or avert foreclosure, an initiative he said would shore up distressed housing prices, stabilize neighborhoods and slow a downward spiral that he said was "unraveling homeownership, the middle class, and the American Dream itself."

The plan, more ambitious than many housing analysts had expected, was unveiled by Mr. Obama in a high school gymnasium here, in a community that is among the nation's hardest hit by the foreclosure crisis.

"This plan will not save every home, but it

will give millions of families resigned to financial ruin a chance to rebuild," the president told the crowd. "It will prevent the worst consequences of this crisis from wreaking even greater havoc on the economy. And by bringing down the foreclosure rate, it will help to shore up housing prices for everyone."

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