Originally published by the Voice of America (www.voanews.com).
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February 18, 2009

Obama to Unveil $75 Billion Mortgage Relief Plan
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http://enews.voanews.com/t?ctl=225D93D:A6F02AD83191E1601D5A7FF3398D81550531BB26A5003E7B&
 
Plan aimed at preventing up to nine million Americans from losing their
homes 
      President Barack Obama U.S. President Barack Obama is set to
unveil a $75 billion home mortgage relief plan aimed at preventing up to
nine million Americans from losing their homes. Mr. Obama will outline
the plan Wednesday in the southwestern state of Arizona, which has been
especially hard-hit by the housing crisis. The plan is expected to focus
on lowering mortgage payments for struggling homeowners. The president's
effort is expected to offer incentives for lenders to lower mortgage
payments, possibly by offering government subsidies to banks that lower
interest rates. It is expected to help homeowners who are in danger of
defaulting and others who have fallen behind on their payments. At least
$50 billion of the mortgage relief program is expected to come from a
$700 billion financial rescue plan adopted last year to help the
troubled financial sector. The unveiling comes one day after the
president signed a $787 billion economic stimulus bill into law. The
stimulus package officially known as the American Reinvestment and
Recovery Act includes tax cuts, government spending on infrastructure
such as roads and bridges, and other spending. It extends unemployment
benefits and health care for those without jobs, funds training programs
and funnels money to state and local governments.

 

 Some information for this report was provided by AP.


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