Obama to Deliver Economic Address

Barack Obama will deliver a "major economic address" tomorrow at 9:15 am Eastern according to his presidential campaign.

Obama will be the third presidential candidate to deliver a major economic speech this week, as Hillary Clinton and John McCain delivered speeches on the housing market Monday and Tuesday, respectively.

Clinton called for, among other things, a 90-day freeze on foreclosures and at least $30 billion to be given to state, local, and community groups to purchase foreclosed houses, hire more police and firemen in extensively foreclosed neighborhoods, and help homeowners restructure their mortgages.

McCain called for a meeting of accounting executives to examine valuation methods, and for another of mortgage lenders, to brainstorm a solution. McCain did not rule out the possibility of government assistance to homeowners, saying he would "consider any and all proposals based on their cost and benefits," but offered the caveat that no assistance should be given to speculative buyers.

Obama, in his online mortgage platform, calls for government funding to assist home buyers, partially paid for by increased penalties for lender fraud. Obama also calls for a mortgage tax credit for homeowners and a "standardized borrower metric" that lenders would be required to use in providing loan information to customers.

Obama will deliver the speech at Cooper Union for the Advancement of Science and Art in New York City.