U.S. President Barack Obama is set to announce his plan to help people who risk losing their homes because they have defaulted on their mortgages and face foreclosure. Mr. Obama will unveil this part of the recovery effort Wednesday in the southwestern U.S. state of Arizona, which has been hit hard by the mortgage crisis.
Few details have emerged about the roughly $50 billion plan to stem foreclosures.
The unveiling comes one day after the president signed a $787 billion economic stimulus bill into law. Still, stock markets plunged Tuesday because of fears the package might not be enough.
Wall Street markets closed near the low points set last November.
The stimulus package, officially known as the American Reinvestment and Recovery Act, includes tax cuts, government spending on infrastructure such as roads and bridges, and other spending. It extends unemployment benefits and health care for those without jobs, funds training programs and funnels money to state and local governments.
Mr. Obama signed the stimulus bill in Denver, Colorado, but warned that it will not lead to immediate relief. He called the bill "the beginning of the end" of economic problems.
By VOA
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