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    Reinvestment Act Signed -- Next: Obama Housing Plan to Cut Mortgage Payments


    Wasting no time . . .


    Housing Plan to Cut Mortgage
    Payments, Stem Foreclosures

    Bloomberg

    --snippet--

    U.S. President Barack Obama will today outline an estimated $50 billion plan to stem a surge in home foreclosures that will subsidize cuts in mortgage payments for millions of struggling borrowers.

    Obama intends to make loan modifications the centerpiece of plan that also gives bankruptcy judges more power to help borrowers keep their homes, said people familiar with the matter. Obama, in Phoenix on the second stop of a two-day swing through the U.S. West, will announce details at 10:15 a.m. local time as he campaigns for his economic recovery package...

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    ~OGD~

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