Obama would enact a comprehensive plan to help bring an end to the foreclosure crisis that threatens millions of families. Obama supports efforts to create a new FHA Housing Security Program to provide significant incentives and guarantees for lenders to buy out mortgages that exceed the value of homes and convert them into stable 30-year fixed-rate mortgages that homeowners can afford. This is a responsible plan designed to help responsible homeowners without rewarding borrowers or investors who helped create the problem.
Obama would couple this plan with a direct interest-rate subsidy for low-and middle-income borrowers patterned on the mortgage interest deduction used by high-income itemizers, as well as with comprehensive credit counseling, additional aid for loan workouts and reform of the bankruptcy code.
Obama is now calling for a second stimulus package to help hardworking families and strengthen our middle class: making sure that we get money into the pockets of people who need it and invest in sustainable job growth, giving substantial permanent tax relief to seniors and working people --up to $1,000 per working family This would include extending unemployment benefits, helping those make ends meet while they're out of work, and make sure they're still spending money so we can keep the wheels of our economy turning.
Obama's called for a National Infrastructure Reinvestment Bank that will invest $60 billion over ten years and generate nearly two million new jobs - many of them in the construction industry that's suffered during this housing crisis. And that's why he's proposed investing $150 billion in our green energy sector over the next ten years. This won't just help reduce our dependence on foreign oil, and it won't just help save this planet for our children. It will also create up to five million new jobs - and those are jobs that pay well and can't be outsourced.
Obama wiill work to insure that a housing crisis like this does not happen again by installing responsible oversight of credit markets that has been lacking -- on mortgages, but also on credit cards, which threaten to be the next version of the mortgage crisis. It also means increasing people's savings so they have something to fall back on; enacting his long-run savings program would give every worker in America a portable pension savings account.
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