Obama administration proposes new aid for mortgages

The Obama administration on Monday proposed a plan that would provide more support to state and local housing agencies. The program calls for temporary bond purchases and liquidity aimed at providing the agencies more funds to lend. The administration did not, however, say how much funding the program would make available. "We felt it is important to build estimates for the program from the ground up," said Michael Barr, assistant secretary for financial institutions at the Treasury Department.

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