Spells out anti-foreclosure plan in Mesa
President Barack Obama will unveil a plan today to combat the nation’s foreclosure crisis, a plan expected to offer assistance to struggling homeowners and push lenders to restructure loans and lower mortgage rates.
The plan was to be announced at 10 a.m. in a nationally televised speech from Mesa’s Dobson High School. Metro Phoenix is the backdrop as an area with one of the nation’s highest foreclosure rates. And Arizona’s economy as a whole is heavily dependent on the housing industry.
Obama arrived in Phoenix on Tuesday to tout his plan, marking his first visit to Arizona since taking the oath of office Jan. 20.
A number of dignitaries, including Gov. Jan Brewer, Phoenix Mayor Phil Gordon and Democratic Congressmen Ed Pastor and Harry Mitchell, greeted the president. Obama and his aides stayed overnight at the 3-month-old Montelucia Resort & Spa in Paradise Valley.
Arizona had the third highest rate of foreclosures in January, trailing only Nevada and California. Lenders this year are expected to foreclose on more than 118,000 homes in Arizona, according to a analysis by the Center for Responsible Lending.
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By Citizen Staff Report, Wire Report