Obama Ready To Sink Millions More Into Housing To Stem Foreclosures

The Obama administration, seemingly at a loss for fresh solutions to jump-start the nation's moribund economy plans to sink millions more dollars into the housing market to help unemployed homeowners keep their homes by providing refinance assistance.

Appearing on CNN's State of the Union on Sunday, Housing and Urban Development Secretary Shaun Donovan indicated the additional mortgage aid is in response to atrocious July housing statistics. "The July numbers were worse than we expected, worse than the general market expected, and we are concerned," he said.

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