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Obama says government bailout must aid homeowners, too

2008-12-04 05:05:43 (GMT) (Caymanmama.com - Real Estate News News)

Obama says financial bailout must help homeowners as well

Oklahoma City, Oklahoma (CaymanMama.com) — Change is around the corner, just as promised by President-elect Barack Obama. On Wednesday, Obama sent out relief signals indicating his desire to utilize a considerable portion of the $700 billion government bailout to help homeowners who are buckling under the economic pressure.

President-elect Barack Obama signaled a clear desire Wednesday to use a significant portion of $700 billion in financial bailout funds to imminent foreclosures by assisting struggling homeowners with their mortgages.

“The deteriorating assets in the financial markets are rooted in the deterioration of people being able to pay their mortgages and stay in their homes,” he said.

Obama’s position on the matter is a direct conflict of that of Treasury Secretary Henry Paulson, who has repeated resisted plans to use the bailout funds to help guarantee reworked mortgages.

During a news conference in Obama’s home city of Chicago to introduce New Mexico Gov. Bill Richardson as the new administrations commerce secretary nominee, the President-elect made it clear that helping American homeowners pay their mortgages must be a component of the rescue fund.

“We’ve got to start helping homeowners, in a serious way, prevent foreclosures,” he said.

This information brought to you by Altus, Oklahoma new home builder Sheryl Homes Inc.

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