Barack Obama yesterday unveiled a plan to help up to 9m US households avoid foreclosure as another round of grim data showed the housing downturn worsening.
Vowing to restore faith in the “American dream”, the president outlined government proposals for $75bn in subsidies to encourage lenders to reduce mortgage rates for 3m-4m borrowers at risk of losing their homes.
A further 4m-5m mortgages would be refinanced by Fannie Mae and Freddie Mac, the government-backed mortgage lenders, which stand to receive up to $200bn in fresh federal capital under the plan.
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