Inside these posts: Barack Obama

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Ex-Obama aide: Extend all tax cuts for 2 years

U.S. tax cuts should be extended for all Americans to help spur the economy, but even the middle-class cuts should end in two years, former U.S. budget director Peter Orszag said Tuesday.

Orszag’s views differed from those of his former boss, President Barack Obama. Get the full story »

Obama administration to help Illinois homeowners

Illinois will receive $166.4 million in foreclosure prevention funds to help unemployed homeowners who are struggling to make their mortgage payments, the Obama administration announced Wednesday.

Illinois is among 17 states and Washington, D.C., to receive part of a $2 billion Treasury Department Hardest Hit Fund. All of the areas were selected because their unemployment levels are above the national average over the past 12 months. Each of the states will use the funds to temporarily help eligible homeowners pay their mortgages while they look for jobs or take job training. Get the full story »

Shorebank’s financial hole deepens

ShoreBank’s capital deficiency worsened in the second quarter, according to newly submitted financial results to regulators, and the Chicago-based lender now needs to raise at least $190 million just to meet targets set out in March by state and U.S. banking regulators.

The South Side bank has arranged a capital infusion of about $150 million from Wall Street investment firms, big banks, insurance companies and philanthropic groups. It’s hoping that private investment will then make it eligible for about $75 million in bailout funds from the U.S. Treasury Department. Get the full story »

Obama urges Republicans to help pass jobless aid

President Obama on Monday called on Republicans to put aside politics and to join with Democrats in approving an extension of jobless benefits. Speaking from the Rose Garden, Obama repeated his recent themes, criticizing the Republicans for refusing to pass the $34 billion extension pending in the Senate.

Obama: No ending all foreclosures

President Barack Obama says that no matter how much the government spends, some people still won’t be able to afford their mortgages and will lose their homes.

There are still underlying problems in the housing market, the president said, in part because “some people just got too much house for their salary.”

Obama made his comments in response to a question Wednesday at a town hall event. Get the full story »