Obama presses Congress to step up aid for homeowners

Reuters) - President Barack Obama on Wednesday proposed a multi-billion-dollar package to help U.S. homeowners refinance and stave off foreclosure, part of an election-year push that is likely to face an uphill battle by the Republican opposition in Congress.

Obama moved to counter Republican criticism that the proposal would use taxpayer money to bail out irresponsible borrowers by stressing that only homeowners current on their payments could benefit. The president had sketched out the plan in his State of the Union address last week.

Home values have dropped 33 percent from their 2006 peak and nearly 11 million Americans now owe more than their homes are worth. Millions more have lost their homes in states that are up for grab in November's presidential election.

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