President Barack Obama said that in order for the $787 billion economic recovery plan to be successful, it must include measures to abate the foreclosure crisis.
U.S. Treasury Secretary Timothy F. Geithner has disclosed his credit relief plan to stabilize the financial industry which is expected to lead to reduction in the number of repo homes in the country.
The Office of Thrift Supervision called for mortgage lenders to temporarily halt foreclosures as the country waits for the new government’s rescue plan.
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