Obama: We've Got to Stop Foreclosures

President-elect also backs aid for auto industry, but not a 'blank check'
By Mary Papenfuss,  Newser User
Posted Nov 16, 2008 7:07 AM CST
The General Motors headquarters in Detroit. Barack Obama said he supports federal aid for the auto industry, but it 'shouldn't be a blank check.'   (AP Photo/Carlos Osorio)
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(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.