President Barack Obama Targets U.S. Housing Crisis with $75 Billion Fund

President Barack Obama has unveiled a $75 billion plan designed to provide immediate solutions for homeowners facing foreclosure due to the U.S. housing crisis.

As many as nine million homeowners could be assisted by the plan that would provide refinancing options for those on the verge of default as well as reduce monthly payments for others to ensure they pay no more than 31 percent of their income.

Obama recognized that “all of us are paying a price for this home mortgage crisis” but specified that the plan was to provide relief for those who “played by the rules” and not the lenders or borrowers who acted negligently.

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