A week after Treasury Secretary Timothy Geithner’s plan to resurrect the financial system landed with a thud, President Barack Obama called his own number Wednesday to unveil the new administration’s ambitious effort to rescue the housing market. In a speech in Arizona–a state that had the nation’s third-highest foreclosure rate in January–Obama detailed a multipronged initiative that aims to enable up to nine million families avoid foreclosure, while halting the drop in home prices by as much as $6,000 a house. “In the end, all of us are paying a price for this home mortgage crisis. And all of us will pay an even steeper price if we allow this crisis to deepen,” Obama told the audience. “But if we act boldly and swiftly to arrest this downward spiral, every American will benefit.” Here are the five things you need to know about the Obama housing fix:
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