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Obama Casts Wide Blame for Financial Crisis and Proposes Homeowner Aid - New York Times

Both warned of a national credit crisis and advanced proposals to amend bankruptcy laws to aid those facing housing foreclosure. Each endorsed Democratic legislation -- sponsored by Senator Christopher J. Dodd of Connecticut and Representative Barney Frank of Massachusetts -- to create a housing security program in the Federal Housing Administration that would provide incentives to refinance mortgages carrying onerously high interest rates.

"They are very close; they are pointing to very similar proposals," said John Irons, research and policy director for the Economic Policy Institute, a labor-oriented research center. "There are minor differences, but when you compare their proposals with McCain, that's night and day. The Democrats are more like noon and 12:30."

Noon and 12:30 | Posted March 28, 2008 10:26 AM by John Irons