Obama Outlines Plan to Address Housing Crisis in North Las Vegas

As President, Obama will:

* Support the Dodd/Frank proposal to create a new FHA Housing Security Program to provide incentives for lenders to buy or refinance existing mortgages and make them stable 30-year fixed mortgages;

* Make an additional $10 billion in bonds available to help middle class families buy their first home or avoid foreclosure;

* Give a tax credit to middle class homeowners that would cover 10 percent of the interest on their mortgages every year;

* Mandate accurate loan disclosure to ensure consumers fully understand their loan agreements;

* Penalize predatory lenders and use those fines to help families stay in their homes;

* Eliminate income tax for seniors making less than $50,000 per year;

* And implement a “Making Work Pay” tax credit of $1,000 per family or $500 per worker.