Barack Obama is asking his economic team to develop affordable housing plans to keep families in their homes during "these uncertain economic times."
Obama said he understands the family home is the cornerstone of American's financial security.
During his Weekly Address, the President-elect nominated Shaun Donovan to be his Secretary of Housing and Urban Development.
Mr. Donovan, a former commissioner of Housing Preservation and Development in New York City, will come to Washington with the innovative ideas and new perspective needed to help the thousands of hard-working American families whose livelihoods have been threatened during this tough economic time.Obama plans to stem the rising tide of foreclosures and he's asked his economic team to develop "a bold plan that will dramatically increase the number of families who can stay in their homes."
He's proposing a comprehensive, coordinated federal effort to make staying in the family a reality.