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Obama's Default Plan.(Managing REO)
Byline: Brian Collins
Washington-President-elect Barack Obama is determined to find a way to address the foreclosure crisis as part of an economic recovery and stimulus plan that he wants Congress to pass shortly after he takes office on Jan. 20.
Last week, Mr. Obama selected key members of his economic team, including Timothy Geithner as Treasury secretary, who will be working on an economic plan to get credit moving again and address the growing foreclosure crisis.
The plan is likely to cost $500 billion to $700 billion and include funding for infrastructure projects and the auto industry.
Mr. Obama said at a press conference that he plans to release an overview of the plan in the next few weeks.
Mr. Geithner is currently the president of the New York Federal Reserve Bank and he has been working with Treasury secretary Henry Paulson in propping up Citicorp and American International Group.
aWe will honor commitments made by the current administration,a Mr. Obama said.
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Source: HighBeam Research, Obama's Default Plan.(Managing REO)