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Obama’s Foreclosure Plan Seeks To Save Millions From Losing Homes

MARK S. SMITH and ALAN ZIBEL | February 18, 2009 10:06 AM EST | AP

PHOENIX — President Barack Obama’s plan to tackle the foreclosure crisis will spend $75 billion in an effort to prevent up to 9 million Americans from losing their homes.

The plan, which Obama is releasing later Wednesday, is more ambitious than initially expected _ and more expensive. It aims to aid borrowers who owe more on their mortgages than their homes are currently worth, and borrowers who are on the verge of foreclosure.

The initiative is designed to help up to 5 million borrowers refinance, and provides incentive payments to mortgage lenders in an effort to help up to 4 million borrowers on the verge of foreclosure.

“All of us are paying a price for this home mortgage crisis,” Obama says in a prepared text of remarks scheduled shortly after 12 noon EST Wednesday at a Phoenix area high school.

Headlining the plan was a $75 billion Homeowner Stability Initiative, under which would provide incentives to lenders to cut monthly mortgage payments to sustainable levels. It defines this at no more than 31 percent of a homeowners income.

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