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Obama's Problem No. 1.(housing)(Editorial)

Article from: U.S. News & World Report Article date: November 17, 2008 Author: Zuckerman, Mortimer B.

Byline: Mortimer B. Zuckerman

President Obama won't formally walk through the White House entry for a couple of months yet, but here's one crisis with a red-tag priority. If it could be attended to in the meantime, so much the better, because we won't begin to get out of our economic predicaments until a solution is found.

The issue is housing. It is where the current economic mess started, with the bursting of the home-price bubble followed by the financial industry's meltdown. The bad news is that the bubble has not finished bursting. Although homes, the major asset of ...

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Obama: We've Got to Stop Foreclosures

Posted Nov 16, 08 7:07 AM CST in Business,  Arts & Living,  Politics 

Obama: We've Got to Stop Foreclosures
Source: Getty Images

(Newser) – Saving people's homes from bank foreclosures will be a priority of his economic crisis plan, President-elect Obama said in an interview airing tonight on 60 Minutes. "We've got to set up a negotiation between banks and borrowers so that people can stay in their homes. That is going to have an impact on the economy as a whole," Obama said in comments obtained early by the New York Daily News.  

"If we don't have a focused program for homeowners by the time I take office, we will after I take office." He also said the federal government must help the struggling auto industry. "For the industry to collapse would be a disaster," Obama said in his first sit-down TV interview since the election. "But it can't be a blank check," he said, adding that aid should be a "bridge loan" to create a "sustainable" industry.

More about:  Barack Obama • Financial Crisis • President Obama • subprime crisis • foreclosure • mortgage • housing

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(Newser) - Fannie Mae and Freddie Mac will roll out a plan today to modify hundreds of thousands of loans in an effort to prevent foreclosures, the Wall Street Journal reports. The mortgage giants, under federal conservatorship, aim to reduce mortgage payments to no more than 38% of household income. Private banks will be encouraged by the Treasury to perform similar surgeries. More »

More about:  Financial Crisis • subprime crisis • foreclosure • Fannie Mae • Freddie Mac • mortgage • housing • loan

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More about:  Barack Obama • Financial Crisis • President Obama • recession • US economy • Obama administration • economic stimulus package • stimulus plan • economic plans • economic policies


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