| Recognizing the abysmal state of the U.S. real estate market, President Barack Obama urged Congress to pass legislation to help distressed homeowners refinance debt-ridden mortgages. Obama asked Congress for $5-10 billion in financial aid to help homeowners manage troubled mortgages.
Foreclosures and short sales have driven down real estate prices around the country, with areas like Florida, Nevada, Arizona and parts of California hardest hit because of unsustainable housing booms. With as many as 11 million U.S. homeowners under water, Obama wants to slow the foreclosure crisis that continues to usurp American consumers...............................................Full Article: Source
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