President Obama has landed in Phoenix and the New York Times is reporting what he will be talking about.

It is predicted that he will address the mounting foreclosure problem. It's no accident that Phoenix will be the backdrop. More than half of all sales in Phoenix in recent months have been of the bank-owned/short-sale variety. Ironically, the President is staying in a hotel that is facing potential foreclosure.

There are two troubled homeowners, according to the Times, that will be addressed.

1. Those who are struggling to pay their mortgage- they have loans that they can not afford.

2. Those who can pay, but their homes are worth far less than what they're paying.

The first case could be chalked up to adjusting loans, loss of income, or other factors that result from the various causes of a recessionary market. The first group will lose their home through default. The second group, an estimated balance of some ten million Americans, may choose to simply walk away.

Obviously, the problem is large... and it's not just 'a Phoenix thing'. It can be seen across America. It's a problem that's not going away. It appears that it will continue to grow until the forces of economics and time lend their sway, or, until larger powers of government and business make a few changes to their game plan.

Naturally, people will be paying attention to this speech. It will be one of the first occasions for us to see our new president in action with regard to facing this force of finance.

The news agencies have seen the first draft of the speech. A look through the various news outlets are pointing to a significant theme... they are telling us that President Obama's primary goal will be to help the first group first- the people who are facing foreclosure.

The government will become, in essence, a partner with banks. We'll spend about $50 billion of the bailout money to split the losses on loans that can be foreclosed upon. Part of the loss will be realized by the bank... the other part by the government.

There are more details- but that will be, it is predicted, the basic message.

Will this plan work?

I guess we'll find out.

What's your opinion?