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A campaign statement said Obama asked how the Treasury Department planned to use its new authority with Fannie Mae and Freddie Mac and whether the government had the tools it needs to address the challenges in the banking industry. As part of the government's effort to provide mortgage relief to hundreds of thousands of homeowners, Paulson has sought emergency power to rescue lending giants Fannie Mae and Freddie Mac. Congress approved a housing plan last week that would provide relief for 400,000 homeowners who can't afford their payments by allowing them to refinance their mortgages with more affordable, government-backed loans. President Bush has promised to sign the package into law. In a day of meetings, Obama also met with Pakistan's new leader, Prime Minister Yousuf Raza Gilani. At a fundraising luncheon, he said he told Gilani "the only way we're going to be successful in the long term in defeating extremists ... is if we are giving people opportunities. If people have a chance for a better life, then they are not as likely to turn to the ideologies of violence and despair." ___ On the Net: Obama: http://www.barackobama.com/
[Associated
Press;
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