PHOENIX (AP) - A day after signing the economic stimulus into
law, President Barack Obama is unveiling a plan to tackle the home
The plan will offer government cash to get mortgage companies to
cut interest rates, and therefore monthly payments, for people in
danger of losing their houses.
The president is also backing legislation to give bankruptcy
judges the power to alter mortgage terms. Lenders have opposed
that, saying it will add risk and lead to higher interest rates.
Obama's announcement comes in Arizona, which has one of the
highest foreclosure rates in the country.
More than 2.3 million homeowners coast-to-coast faced
foreclosure proceedings last year. Analysts worry that number could
soar in the coming years.