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Obama outlines plan for troubled US housing market

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Obama outlines plan for troubled US housing market

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President Barack Obama has unveiled his plan to tackle America’s housing crisis.

Speaking in Phoenix Arizona, a state that has been badly hit by the US housing meltdown, Obama said: ‘‘We will pursue the housing plan I am outlining today. Through this plan, we will help between seven and nine million families restructure or refinance their mortgages so they can avoid foreclosure.’‘ The plan pledges almost 220 billion euros to help stem a wave of home foreclosures across the US.