Monday, October 24, 2011

Obama Offers Mortgage-Relief Plan: ‘We Can’t Wait’ for Congress - ABC News

Obama Offers Mortgage-Relief Plan: ‘We Can’t Wait’ for Congress - ABC News

“I’m here to say that we can’t wait for an increasingly dysfunctional Congress to do its job. Where they won’t act, I will,” Obama told the crowd gathered outside the house of Jose and Lissette Bonilla in Las Vegas. Nevada is the state hardest hit by the housing crisis.

Calling the housing bubble “the single greatest cause of the financial crisis and this brutal recession,” Obama promoted his administration’s plan to make it easier for homeowners to refinance their mortgages and avoid foreclosure.

“There are still millions of Americans who have worked hard and acted responsibly, paying their mortgage payments on time. But now that their homes are worth less than they owe on their mortgage, they can’t get refinancing,” Obama said.

The new rules, announced this morning by the Federal Housing Finance Agency, include removing caps for “underwater” borrowers and cutting the costs of refinancing. “If you meet certain requirements, you will have the chance to refinance at lower rates, which could save you hundreds of dollars a month, and thousands of dollars a year in mortgage payments,” Obama said.

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