President Barack Obama flew into Phoenix, Arizona to announce the steps his administration will take to address the housing foreclosure crisis. Speaking in the Phoenix suburb of Mesa, Obama presented details on a $75 billion plan to assist homeowners facing difficulty remaining in their homes due to the nation’s economic crisis. The intent of the Obama plan is to reduce the level of housing foreclosures.

The Phoenix area has one of the highest foreclosure rates in the United States. That is the reason why Barack Obama decided to fly out to Arizona to present his housing rescue plan. Many economists believe that the foreclosure crisis in the U.S. is the principal driver behind the global economic crisis. The rate of foreclosures has multiplied alarmingly. President Obama knows that the national recession cannot be reversed unless the high level of housing foreclosures, which have also driven down housing values, is effectively addressed.