PHOENIX – US President Barack Obama called Tuesday for new efforts to support homeowners but he urged the closing of government-backed mortgage finance companies to limit the risk to public money. Five years after the burst of the subprime housing bubble wreaked havoc on the world economy, Obama made his pitch for reform on a visit to Arizona, one of the worst-hit areas. Obama hailed a recovery in the housing market – including in Arizona's sprawling capital Phoenix – with home sales again rising and foreclosures slowing down. "Millions of families have been able to come up for air. They're no longer underwater on their mortgages," Obama said. &n...
Keep on reading: Obama says time for Fannie Mae, Freddie Mac shakeup
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