CBS "Early Show" - Transcript

Interview

CBS "Early Show" - Transcript

CBS "EARLY SHOW" INTERVIEW WITH HUD SECRETARY SHAUN DONOVAN INTERVIEWER: CHRIS WRAGGE

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MR. WRAGGE: President Obama says his $275 billion mortgage relief plan could protect as many as 9 million homeowners from foreclosure. The president unveiled his proposal yesterday.

This morning Housing Secretary Shaun Donovan told me the administration did what it needed to do as soon as it could.

SEC. DONOVAN: It's really too bad that a year or more ago we didn't take action, because there's no question that the problem has gotten worse. But we believe that we had to act. The president made that clear yesterday. We've acted quickly. We've acted decisively.

MR. WRAGGE: Funding would come from the $700 billion financial bailout bill passed last fall.

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