DATELINE: WASHINGTON
The following is the letter released Monday by Lawrence Summers, director-designate of the National Economic Council for the Office of President-Elect Obama:
sent to the leadership of both parties in the House and Senate
3. Launch a Sweeping Effort to Address the Foreclosure Crisis: The President-elect has directed his White House and Cabinet to work with Congress immediately to implement smart, aggressive policies to reduce the number of preventable foreclosures by helping to reduce mortgage payments for economically stressed but responsible homeowners while also reforming our bankruptcy laws and strengthening existing housing initiatives like Hope for Homeowners. Confronting this challenge is an absolute imperative if we are to restore the health ofour housing sector and the financial system as a whole
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