Called for greater government regulation of the U.S. financial system and proposed a new $30 billion economic stimulus plan to help homeowners.
* The $30 billion plan includes a $10 billion foreclosure prevention fund to help people keep their homes.
It also includes $10 billion in relief for state and local governments hit hardest by housing crisis.
* Outlined six "core principles for reform" that would give the Federal Reserve supervisory authority over any financial institution to which it might make credit available and calls for reform and streamlining of financial regulatory agencies.
* Wants to repeal a provision in bankruptcy law so ordinary families can modify terms of home mortgages.
* Proposed a 10 percent mortgage tax credit for middle-class Americans.
Source: reuters
