(cross-posted from my campaign blog)
Last week, President Obama laid out his administration's Homeowner Affordability and Stability Plan to deal with the foreclosure crisis. I wanted to weigh in on it since, as President of the Los Angeles City Council, it's been an issue my office has been working extremely hard on for months at the local level.
Obama's plan would devote $75 billion from the TARP funds as well as $200 billion in additional funding commitments to Fannie Mae and Freddie Mac to help between 7-9 million families avoid foreclosure and stay in their homes. This is particularly important here in California where, according to
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