Obama to Prioritize Foreclosure Prevention

In his speech, Obama pointed out the urgency of dealing with several domestic challenges, including unemployment, business failures, home foreclosures and weaknesses in the school and health care system.

He pointed out that these domestic challenges cannot be resolved easily and immediately.

Obama promised to reduce the number of foreclosed homes in a bid to strengthen and stabilize the housing market.

Already, he won congressional approval for the release of the remaining 50 percent of the estimated $700 billion financial bailout fund. He plans to use a portion of the financial rescue fund to reduce the number of foreclosed properties and to provide more loans to small businesses and consumers.

He pointed out that the current state of the country’s economy calls for a bold and swift action. Aside from foreclosure prevention, he plans to create more jobs and improve the infrastructure and telecommunication system.

Foreclosure prevention is also part of Obama’s economic stimulus program that stands at over $825 billion in tax cuts and spending.

Meanwhile, Obama promised to use science and technology to improve the quality of health care and reduce its cost. His reforms include the use of information technology to improve and modernize the health care system delivery.

He also promised to develop and improve schools, universities and colleges to better equip them to meet current and future challenges and demands.

On the other hand, he reiterated his campaign promise to withdraw U.S. forces from Iraq and refocus on the war in Afghanistan. He described the combat invasion of Iraq, which is led by the U.S., as a mistake.

To sum up, Obama’s economic recovery plan is geared towards foreclosure prevention, energy independence and providing a low-cost universal health care.

By Cassiano Travareli