Obama calls for 90-day moratorium on foreclosures

[cal04]

http://news.yahoo.com/s/ap/20081013/ap_on_el_pr/obama

Democrat Barack Obama is calling for a 90-day moratorium on foreclosures and a two-year tax break for businesses that create jobs as part of a plan to heal the nation's ailing economy.

The presidential candidate says banks that participate in the federal bailout should temporarily postpone foreclosures for families making good-faith efforts to pay their mortgage.

He also called for a $3,000 tax credit for each additional full-time job a business creates. The tax break would end after 2010.

Obama also is proposing letting people withdraw up to $10,000 from their retirement accounts without any penalty this year and next.

[stray cat]

1. Now thats a good idea that helps people and the economy

without costing tax payers more money

[wanpete]

2. excellent ideas to help struggling families....GOBAMA!

[Dawgs]

3. Great Idea!! I was saying this needed to be done just last week.

Like the other ideas as well.

[Zynx]

4. That's good stuff.

A direct plan to encourage job creation too. To be honest, I don't think it would have a huge impact, but at the margins it might be helpful. At least it sounds good and tangible.

[TornadoTN]

5. That's a very good idea - and he should also work on the 401k withdrawal as well

He has a great idea on calling for a moratorium on home foreclosures. The next logical step is to tie in his plan for 401k withdrawals into this and to force banks (some of which we are bailing out and effectively nationalizing) to negotiate with the homeowners in good faith and to give concessions if they are using their 401k withdrawals to stave off foreclosure.

This would be a grand slam opportunity to prove that we are going to get something back out of that 700bil+ that the government is getting from us to keep the banks afloat.

[LisaM]

6. Yes, it's a good idea

And please acknowledge that Hillary was calling for this as early as December 2007.


http://www.hillaryclinton.com/news/release/view/?id=4530


I'm GLAD Obama agrees with her on this.