photo credit: dantekgeek
America could get a more reliable mortgage system and see a reduction in foreclosed homes rates after democrat Barack Obama won an historic battle for the presidency.
The Chicago resident beat republican John McCain in the race for the White House to become the first black US leader.
Obama has pledged to create a universal mortgage credit for homeowners who do not itemise tax relief and has also promised to make the subprime home loan industry more accountable.
By 8am GMT the 47-year-old senator had secured 349 electoral college votes, more than twice the 162 by then won by McCain.
Obama addressed tens of thousands of emotional supporters in Chicago after the result was revealed.
He said:
“It’s been a long time coming, but tonight, because of what we did on this day, in this election, at this defining moment, change has come to America.”
Obama has enjoyed a favourable relationship with the media and has already made history as the first black American president.
But he inherits a battered American economy and controversial wars in Afghanistan and Iraq.
His plans appear to stop short of the straightforward re-mortgage bailout McCain had planned to provide to households most struggling with their home loans.
Obama will not officially take over the presidency from outgoing republican George Bush until January.
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