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
RSSSource: *June 9, 2008, Speech, Raleigh, N.C.
