Sen. Barack Obama spoke in North Las Vegas, on the housing crisis and the need to protect home ownership. Here are the details of the plan:
As president, Obama will:
* Support the Dodd/Frank proposal to create a new FHA Housing Security Program to provide incentives for lenders to buy or refinance existing mortgages and make them stable 30-year fixed mortgages;
* Make an additional $10 billion in bonds available to help middle class families buy their first home or avoid foreclosure;
* Give a tax credit to middle class homeowners that would cover 10 percent of the interest on their mortgages every year;
* Mandate accurate loan disclosure to ensure consumers fully understand their loan agreements;
* Penalize predatory lenders and use those fines to help families stay in their homes;
* Eliminate income tax for seniors making less than $50,000 per year;
* And implement a “Making Work Pay” tax credit of $1,000 per family or $500 per worker.
The full transcript of the speech as well as more information about his plan can be read here
