Obama Promises To Help Homeowners, But... : Vox Politics Obama Promises To Help Homeowners, But...
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Obama Promises To Help Homeowners, But...

Obama said basically that the home-owners who are struggling to pay their mortgages and at risk of foreclosure are at the heart of this whole financial mess and we need to help them too with this bailout.

But in just the past 2 days he backed away a bit from the most powerful proposal to help home-owners being pushed by democrats in Congress. The proposal is to give bankruptcy judges the power to restructure loans for home-owners who have decent jobs and didn't buy a house far beyond their means...but who borrowed a bit too much and/or got themselves into loans with high interest rates that they can't afford. Democrats like the idea. Republicans and the banking industry are strongly opposed. Obama says he's for it. But yesterday he said it needn't be included in this current bailout bill if it would slow it down. That surprised housing advocates who feel this is the best chance for getting the measure passed.