POLITICS
06/30/2008 05:12 am ET Updated May 25, 2011

Obama Meets With US Mayors Conference, Promises Support For Home Foreclosure Bailout Bill

Making his pitch to a key group of power brokers, Barack Obama promised hundreds of mayors gathered in Miami that he would push back on President Bush's threatened veto of legislation aimed at rescuing homeowners facing foreclosure.

The bill would allow the federal government to insure $300 billion in new loans so homeowners who can't pay their mortgages could refinance. The legislation is a priority for many mayors whose cities are faltering under the housing crisis.

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