ECONOMY Obama housing rescue built on shaky ground Plan to keep millions in their homes …

– In the high school gymnasium of an Arizona community hard-hit by the housing crisis, U.S. President Barack Obama unveiled his latest rescue scheme for the economic crisis: an ambitious $75-billion (U.S.) plan to stem foreclosures that aims to keep as many as nine million households from losing their homes. But the painful reality for the U.S. president is that the housing crisis, like the banking crisis and the recession, continues to worsen after stubbornly defying all previous government interventions. Mr. Obama’s housing plan may keep millions in their homes, but is unlikely to help the housing market stabilize, analysts warned yesterday. Housing prices are still falling in virtually…

Full Article