$75 Billion for Homeowner Bailout

clipped from www.google.com Obama unveiled the plan in Arizona, hard-hit by the housing crunch. More expensive than expected, it aims to keep 9 million people from losing their homes. One part will ease refinancing for people who owe more on their mortgages than their homes are currently worth. Another provides incentives for mortgage lenders to help those on the verge of foreclosure. Speaking at a high school outside Phoenix, Obama said the plan won't save every home but it will prevent "the worst consequences of this crisis from wreaking even greater havoc on the economy."

According to the report, $75 billion is "more ambitious than initially expected -- and more expensive." More ambitious and expensive is probably what's called for here.

AP has the details.