Obama Announces $75 Billion Foreclosure Plan

February 18. 2009

President Barack Obama has announced his $75 billion foreclosure plan, aimed at tackling the mortgage crisis, via helping millions to refinance the loans and stay in their homes. Well, hopefully it will help people.

Obama Plans $75 Billion Outlay to Fight Foreclosures

Seeking to stabilize the foundering housing market, President Obama is offering a plan to help as many as 9 million families refinance their mortgages or avoid foreclosure, according to a summary released by the White House on Wednesday morning.

The plan would spend $75 billion to help keep as many as 4 million families in their homes, and would help as many as 5 million more refinance their mortgages to take advantage of lower interest rates.

http://www.nytimes.com