Obama: Financial bailout must help homeowners, too

[Terri]

By JIM KUHNHENN
Associated Press
December 4, 2008

WASHINGTON (AP) -- President-elect Barack Obama signaled a clear desire Wednesday to use a significant portion of $700 billion in financial bailout funds to stanch foreclosures by helping struggling homeowners with their mortgages.

"The deteriorating assets in the financial markets are rooted in the deterioration of people being able to pay their mortgages and stay in their homes," he said.

Obama's stance represents a policy clash with Treasury Secretary Henry Paulson, who has resisted proposals to use the rescue fund to help guarantee reworked mortgages.

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[elmerck1]

i WOULD LIKE TO TELL Mr.Obama that he is only another voice in the wilderness right now, and he cannot tell treasury or the FED how to conduct their business.I know he wants to stick his nose into all this bailout mess, but he is going to have to wait until Jan.21.