Obama unveils mortgage plan to help California, 4 other states
Standing in the heart of the nation’s hard-hit foreclosure country, President Obama on Friday rolled out a $1.5-billion mortgage program meant for a handful of states, including California and Nevada, that have endured waves of home foreclosures during the recession.
The president also used the moment to give a needed boost to Senate Majority Leader Harry Reid’s reelection chances, crediting him with helping stave off a depression over the last year.
Obama spoke to 1,800 people at a town hall-style event as part of a two-day Western swing in which he raised money for Democrats and campaigned for two senators facing tough campaigns: Reid and Michael Bennet of Colorado.