His massive stimulus plan now signed into law, President Barack Obama is turning to attack the home foreclosure crisis at the heart of the nation's deepening economic woes.His goal is to prevent millions of American families from losing their houses because they can't make mortgage payments.
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The ambitious plan he was announcing at a Phoenix high school Wednesday was expected to offer government cash to mortgage companies that reduce interest rates - and therefore monthly payments - for homeowners in danger of default, according to several people briefed on the plan. What remained unclear was how the government will decide who qualifies for relief.
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The biggest players in the mortgage industry already had halted foreclosures pending Obama's announcement.
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