Government And Banks Move To Address Housing Crisis

PRLog (Press Release) - Feb. 14, 2009 - With pressure growing for government action to stem foreclosures, the White House moved up to next week the unveiling of President Obama's housing rescue plan, while major banks said they would freeze seizures of homes for at least three weeks pending the rollout of the initiative.

For months, Congress has been pressing the executive branch -- first the Bush administration, now its successor -- to come up with a program to curtail the growing wave of borrowers forced to give up their homes. On Tuesday, Treasury Secretary Timothy F. Geithner disappointed lawmakers as well as the stock market by saying the foreclosure plan would be delayed several weeks.

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