The Housing Chronicles Blog: Barack Obama calls for 90-day foreclosure moratorium

Monday, October 13, 2008

Barack Obama calls for 90-day foreclosure moratorium

As part of releasing more details on his economic plan, Barack Obama has also called for a 90-day moratorium on foreclosures. From the L.A. Times:

Democrat Barack Obama today called for a moratorium on mortgage foreclosures as part of a package of proposals to deal with the impact of the current economic crisis on voters, while Republican John McCain portrayed himself as a fighter who should not be counted out of the race for president...

Obama called on banks that accept federal aid to grant up to a 90-day moratorium on foreclosures for families making an effort to pay their mortgages. He also called for a $3,000 temporary tax credit for each additional full-time job a business creates and allowing people to withdraw up to $10,000 from their retirement accounts without any penalty this year and next. To help municipalities caught in the current credit crunch, Obama proposed creating a government agency to lend money to cities and states.

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