Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

7 of 22
BACKNEXT
Fighting Foreclosure
Fighting Foreclosure
Obama wants the government to step in to help homeowners facing foreclosure.

· Allow troubled homeowners to refinance to a loan insured by the Federal Housing Administration.

· Require any financial institution participating in Treasury's Troubled Asset Relief Program to put a 90-day moratorium on foreclosures for homeowners "acting in good faith."

· Create a 10% tax credit for homeowners who do not itemize their taxes.

· Create a $10 billion fund to help victims of predatory loans.

· Authorize bankruptcy judges to reduce mortgage principal.

"...If the government can bail out investment banks on Wall Street, then we can extend a hand to folks who are struggling on Main Street." -- Obama*

NEXT: Mortgage Giant Rescue
Last updated November 06 2008: 11:36 AM ET
Source: *June 9, 2008, Speech, Raleigh, N.C.
More Galleries
Most expensive cars from the Scottsdale collector car auctions The ten most expensive cars sold at the annual Arizona collector auctions went or a total of $44 million. More
The Obama economy in 10 charts President Obama came to office in January 2009 in the midst of the Great Recession. Much has turned around since then, but he's been criticized for a slow recovery. More
Best Jobs in America CNNMoney/PayScale's top 100 careers with big growth, great pay and satisfying work. More

Special Offer