Obama wants 90-day foreclosure freeze at bailed out banks

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News item from the campaign trail this morning, from the A.P. via KTLA.com:

‘Democratic Barack Obama on Monday called for more immediate steps to heal the nation’s ailing economy, proposing a 90-day moratorium on home foreclosures at some banks and a two-year tax break for businesses that create new jobs.’

More on the foreclosure freeze part of the proposal:

‘Obama said that banks participating in the federal bailout should temporarily postpone foreclosures for families making good-faith efforts to pay their mortgage. ‘We need to give people the breathing room they need to get back on their feet,’ he said, adding that families living beyond their means share some of the responsibility.

I’ll add to this post with more details as they become available.

--Peter Viles

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Photo Credit: A.P.