a separate plan for home foreclosures

Obama to outline plan to stem home foreclosures

WASHINGTON – Several major banks are expanding their efforts to halt home foreclosures while the Obama administration develops its plan to help struggling homeowners. The White House said President Barack Obama will outline his much-anticipated plan to spend at least $50 billion to prevent foreclosures on Wednesday in a speech in Arizona.

"It's not intended to be measured by one day's market scorekeeping, but instead to ensure that the 10,000 Americans each day that have their homes foreclosed on, and the millions more that are barely getting by, are protected," White House press secretary Robert Gibbs said Friday without providing other details.

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