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NEW YORK, NY March 27, 2008 —Democratic Presidential candidate Barack Obama outlined his plan to provide relief for homeowners facing foreclosure in a speech in Manhattan. WNYC's Andrea Bernstein says the Illinois Senator also called for more regulations for the nation's financial system.

For the second time in six months, Obama came to New York to wag a finger at Wall Street, which he says has been allowed to function with insufficient regulation.

OBAMA: Under Republican and Democratic administrations, we failed to guard against practices that all too often rewarded financial manipulation instead of productivity.

REPORTER: Obama said a lynchpin of his plan was Sen. Chris Dodd's legislation that creates incentives for lenders to refinance existing loans. But Obama said he agreed with Sen. John McCain that the government should "do nothing to protect borrowers and lenders who've made bad decisions." Obama was introduced by Mayor Michael Bloomberg, who's been friendly to the Democratic candidate but who says he hasn't made an endorsement.