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Geithner: Housing plan to show quick results
MESA, Arizona |
MESA, Arizona (Reuters) - U.S. Treasury Secretary Timothy Geithner said on Wednesday that the Obama administration's new plan to bolster the troubled housing market should show results quickly.
The plan commits up to $275 billion in funds to help refinance mortgages for up to nine million families and arrest the devastating fall in U.S. home prices.
"You'll start to see the effects quite quickly," Geithner told reporters before a speech by President Barack Obama to formally roll out the plan.
Geithner said the housing effort would help stem the turmoil in the financial system because cutting down on mortgage defaults would make the banks stronger.
(Reporting by Caren Bohan)
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