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President-Elect Will Unveil Plan to Aid Foreclosure Crisis Within the Next Two Months

In an interview with CNBC on Wednesday, President-elect Barack Obama announced that his plan to reduce the amount of home foreclosures will be released within the next month or two as part of the American Recovery and Reinvestment Plan.

In the interview with John Harwood, Obama said, “We’ve got to prevent the continuing deterioration of the housing market. That starts with foreclosures.”

Additionally, Obama elaborated on the key players in the effort, saying, “I expect to unveil plans to prevent foreclosures in consultation with (Rep.) Barney Frank and (Sen.) Chris Dodd, who’ve done some very good work on this, sometime in the next month or two.”

Obama also had kind words for Sheila Bair’s “sense of urgency about the problem,” as he will be keeping her on as chairman of the Federal Deposit Insurance Corporation in his Administration.

Additionally, today marks the fourth day of Obama’s rally on Capitol Hill to influence lawmakers to implement a massive fiscal stimulus package sooner, rather than later. Obama and his advisers have been working with Congress to create a two-year stimulus plan that could total more than $775 billion.

You can view the full transcript from Obama’s CNBC interview here.

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