Obama presents $75B mortgage plan to crowd at Dobson H.S.Posted: Updated:
MESA -- President Barack Obama has promised foreclosure relief to millions of Americans in a speech delivered at a Mesa high school.
The president told hundreds of people gathered in the gymnasium at Dobson High School that his plan aims to keep 9 million people from losing their homes. Arizona is one of the states hardest-hit by the housing market meltdown.
Hundreds of people lined the streets outside the school to catch a glimpse of Obama as he arrived. Many held signs, mostly supporting the president.
Inside the school's gymnasium, state politicians including Gov. Jan Brewer, Attorney General Terry Goddard and Rep. Raul Grivaja, D-Ariz. worked the crowd before the president arrived.
Obama says more than 150,000 Arizonans could lose their homes and he hopes his plan saves many of them.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
Obama arrives in Phoenix to talk about stimulus plan
PARADISE VALLEY - President Barack Obama arrives in the Valley on Tuesday afternoon and 3TV has learned where he will spend the night.
The president will stay just outside Montelucia in Paradise Valley and his visit will provide a great opportunity for Arizona to hear from the president and Obama to hear from Arizonans.
It will be a pivotal week for the president as he pumps up his stimulus package all across the nation. He is coming to Arizona to unveil how his administration will spend at least $50 billion halting foreclosures nationwide.
Rep. David Schapira (Dem), from Tempe, admits, "We're very excited to have the president come to Arizona."
State democratic leaders welcome the visit hoping it results in change for Arizona during this economic crisis.
Schapira explains, "Arizona has been very adversely affected by this mortgage crisis. The fact Barack Obama chose to come here to talk about that really magnifies that."
After all, it is not only Arizona residents, but businesses, too, that are facing foreclosure. In fact, the Intercontinental Montelucia could also be heading for foreclosure and that is exactly where Obama is staying.
"We are counting on the federal government for guidance in this crisis, but at the state level we are working on initiatives, too," explains Schapira.
DETAILS ON PRESIDENT'S STIMULUS PLAN
DENVER (AP) -- President Barack Obama put his own indelible imprint on the nation's distressed economy Tuesday, signing the huge recovery package into law, readying a $50 billion proposal to help homeowners fend off foreclosure and awaiting emergency restructuring plans from flailing automakers. Obama said the sprawling legislation, which congressional Democrats pushed to passage last week over near-unanimous opposition from Republicans, would "set our economy on a firmer foundation."
Obama's first major piece of legislation, it's a $787 billion mix of tax cuts and one of the biggest public spending programs since World War II.
"I don't want to pretend that today marks the end of our economic problems. Nor does it constitute all of what we have to do to turn our economy around. But today does mark the beginning of the end, the beginning of what we need to do to create jobs for Americans scrambling in the wake of layoffs," Obama said.
The setting for the signing was the Denver Museum of Nature & Science, with solar panels on its roof, underscoring the investments the new law will make in "green" energy-related jobs. Workers in solar, wind, and other renewable-energy industries joined Obama and Vice President Joe Biden at the bill-signing ceremony.
Presidential spokesman Robert Gibbs told reporters the White House was open-minded about another stimulus effort. But he stressed that there were no plans in the works for one.
Meanwhile, General Motors Corp. and Chrysler LLC raced to complete recovery plans they were due to submit as part of their deal to receive billions of dollars in government loans. It was not clear they would make Tuesday's deadline.
The two automakers have been living off a combined $13.4 billion in federal bailout loans. They must persuade the administration that they can remain viable. Detroit's third major automaker, Ford Motor Co., did not request government help.
With the economy dominating Obama's first weeks in office, the president on Wednesday will unveil another part of his recovery effort - a $50 billion plan to help stem foreclosures.
All the activity also is allowing Obama to get away from Washington, with its intense partisan wrangling, and be cheered by people who may benefit from the huge government intervention.
Obama planned to outline his plan to help struggling homeowners in a speech in Arizona, one of the states hardest hit by home foreclosures that are at the center of the nation's economic woes.
The $50 billion program was mentioned last week by Treasury Secretary Timothy Geithner as part of a wide-ranging financial-sector rescue plan that could send $2 trillion coursing through the financial system. But details were not announced at the time.
Obama's announcement is expected to include details about how the administration plans to prod the mortgage industry to do more in modifying the terms of home loans so borrowers have lower monthly payments.
More than 2.3 million homeowners faced foreclosure proceedings last year, an 81 percent increase from 2007, and analysts say that number could soar as high as 10 million in the coming years, depending on the severity of the recession.
Obama arrives in Phoenix Tuesday evening, will be spending the night in Paradise Valley and then speaking at a high school in Mesa on Wednesday. Hundreds are anxious to catch a glimpse of the president and everyone will be listening closely, hoping to hear how he might be able to help.
The president will comment on the foreclosure crisis on Wednesday and then Thursday Arizona House Democrats are expected to elaborate on some of their proposed bills.