Obama: We've Got to Stop Foreclosures

President-elect also backs aid for auto industry, but not a 'blank check'

By Mary Papenfuss, Newser Staff

Posted Nov 16, 2008 7:07 AM CST

(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.

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)

US President-elect Barack Obama plans to take action to keep people in homes threatened by foreclosure. (Getty Images)

CHICAGO - NOVEMBER 04: U.S. President elect Barack Obama gives his victory speech to supporters during an election night gathering in Grant Park on November 4, 2008 in Chicago, Illinois. Obama defeated... (Getty Images)

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Obama: We've Got to Stop Foreclosures

President-elect also backs aid for auto industry, but not a 'blank check'

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Forget That Stimulus Bill: 5 Things Obama Should Fix

Obama shouldn't rely on a stimulus package for a cure-all

Fannie, Freddie to Offer Mass Loan Modifications

Housing giants aim to reduce foreclosures

Mortgage Plan Relies on Incentives, Lacks Muscle

Proposal does does little to address securitized mortgages

All Options on Table in Fight to Halt Foreclosure

Obama considering moratorium, gov't-sponsored refinancing

Clinton Housing Chief Paved the Way for Risky Loans

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Obama: We've Got to Stop Foreclosures

President-elect also backs aid for auto industry, but not a 'blank check'

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OTHER STORIES ON OUR RADAR

Barack Obama • mortgage • housing • subprime crisis • financial crisis • President Obama • foreclosures

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Forget That Stimulus Bill: 5 Things Obama Should Fix

Obama shouldn't rely on a stimulus package for a cure-all

Fannie, Freddie to Offer Mass Loan Modifications

Housing giants aim to reduce foreclosures

Mortgage Plan Relies on Incentives, Lacks Muscle

Proposal does does little to address securitized mortgages

All Options on Table in Fight to Halt Foreclosure

Obama considering moratorium, gov't-sponsored refinancing

Clinton Housing Chief Paved the Way for Risky Loans

How American Dream Became Economic Nightmare

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Newser By Users

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