24 Oct '11, 11pm

Obama bypasses Congress with mortgage plan

Obama bypasses Congress with mortgage plan

LAS VEGAS: President Barack Obama unveiled a stopgap plan on Monday to ease the bite of the real estate crisis for cash-strapped homeowners while attacking Congress for blocking spending to create more jobs. "These steps aren't a substitute for the bold action we need to create jobs and grow the economy, but they will make a difference," Obama said. Thwarted by Republican opposition to his bigger jobs and stimulus package, Obama has shifted tactics by looking for action he can take without congressional approval to provide at least modest economic relief. "So I'm here to say to all of you... that we can't wait for an increasingly dysfunctional Congress to do its job. Where they won't act, I will," Obama said. Obama chose Las Vegas, the epicentre of the US real estate crash, to roll out measures to make it easier for people whose homes are now worth less than what they owe ...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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