An industry expert in USA property has welcomed the news that president Barack Obama’s recovery action plan has been passed by the Senate.

Chairman of Boston Properties Mort Zuckerman stated measures outlined in Obama’s $832 billion (£586 billion) are concrete, Reuters reports.

Mr Zuckerman remarked that it is a "very solid, very clear and very comprehensive overall financial plan".

"It will prevent foreclosure prices from determining the value of assets," he said.

Timothy Geithner, the US Treasury secretary, revealed that as part of the plans commercial mortgage-backed securities will now be included under the expanded term asset-backed securities loan facility.

However, not all USA property investors expressed their confidence in the new measures.

Chairman and chief executive of Colony Capital Thomas Barrack told Reuters that it was "a great example of over-promising and under-delivering".

Recently, Larry Summers, the head of the National Economic Council, told the CBC Face the Nation programme that the priority of the Obama administration is to boost lending, rather than build up bank reserves.

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