NORTH LAS VEGAS, NV-Senator Barack Obama visited North Las Vegas today for a town hall discussion on protecting homeownership. Joined by about 75 Nevadans affected by the housing crisis, Obama outlined his plan to tackle predatory lending and help Nevada homeowners pay their mortgages and fight foreclosure. Among other steps, Obama has called for penalizing predatory lenders and using those revenues to immediately create a $10 billion Foreclosure Prevention Fund, and giving a tax credit to middle class homeowners that would cover 10 percent of their mortgage interest every year.

Prior to the event, Obama met with Felicitas Rosel and Francisco Cano, two Las Vegas homeowners who are fighting foreclosure as the result of a predatory home loan.

"Because a lender went for the easy buck, they are left struggling with ballooning interest rates and monthly mortgage payments," Senator Obama said. "Because Washington has failed working people in this country, they are facing foreclosure, and the American Dream they sought for decades risks slipping away...We can't afford another President who can't be bothered to stand up for working people. It's time for change. It's time that Washington went to work for working people."

As President, Obama will:

Ø      Support the Dodd/Frank proposal to create a new FHA Housing Security Program to provide incentives for lenders to buy or refinance existing mortgages and make them stable 30-year fixed mortgages;

Ø      Make an additional $10 billion in bonds available to help middle class families buy their first home or avoid foreclosure;

Ø      Give a tax credit to middle class homeowners that would cover 10 percent of the interest on their mortgages every year;

Ø      Mandate accurate loan disclosure to ensure consumers fully understand their loan agreements;

Ø      Penalize predatory lenders and use those fines to help families stay in their homes;

Ø      Eliminate income tax for seniors making less than $50,000 per year;

Ø      And implement a "Making Work Pay" tax credit of $1,000 per family or $500 per worker.

A Nevada-specific fact sheet on Senator Obama's plan to help homeowners is available HERE.