Obama gambles $275bn on housing

The president must convince the diligent that foreclosures would hurt them too, writes Niall Stanage in New York

21st February, 2009

Just one day after signing a $787 billion economic stimulus package into law last week, President Barack Obama turned his attention directly to the housing crisis - and committed another $275 billion of taxpayers’ money in an effort to solve the problem.

About 10 percent of mortgages in the US are either delinquent or have already entered the foreclosure process. If that trend were to continue, the consequences would be dismal, with six million families at...

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