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Obama To Push Help For Mortgage Refinancing

Seeking to circumvent congressional opposition, President Obama will promote a series of executive branch steps aimed at jumpstarting the economy this week, beginning with new rules to make it easier for homeowners to refinance their mortgages. The White House said changes to the two-year-old Home Affordable Refinance Program will help homeowners with little or no equity in their houses refinance by cutting the cost of doing so and removing caps to give deeply underwater borrowers access to the program. The new rules apply to homeowners with federally guaranteed mortgages who are current on their payments. Obama will discuss the initiative during a meeting with homeowners Monday in Las Vegas, a city hard hit by foreclosures and sagging home prices. One in every 118 homes in the state of Nevada received a foreclosure filing in September, according to the foreclosure listing firm RealtyTrac. With the president’s jobs bill struggling in Congress, the White House is refocusing its efforts on steps Obama can take to address the nation’s economic woes without getting lawmakers’ approval. In addition to the refinancing program, the White House said Obama will also announce executive action later this week to help students better manage their student loan payments. The new push comes with a fresh catchphrase as the White House tries to push Republicans into action: “We can’t wait.” It’s Obama’s latest in a string of slogans aimed at blaming GOP lawmakers for lack of action on the


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2 Responses to "Obama To Push Help For Mortgage Refinancing"

  1. EMPIRE0FLIES says:
    More of the peoples money thrown to the banksters. Isnt that special.
  2. como651 says:
    I’m kicking my self now. Why didn’t I buy that $350K home with the granite counter tops. Instead I was responsible and bought the affordable home in the hood thinking that way I wouldn’t have to worry about getting behind on the payments. If I knew Obama was going to rescue me I could have got the big house in the suburbs. It does not pay to be responsible anymore. I never qualify for any of the government handouts.

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