Thursday
April 24, 2014

Obama: Congress Must Stop "Standing in the Way" of Housing Recovery

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Obama: Congress Must Stop "Standing in the Way" of Housing Recovery

During his weekly address on Sept. 29, President Barack Obama warned that it will take more time for the housing market to fully recover if Congress "keeps standing in the way."

He urged Congress to pass a refinancing bill, noting that he sent a plan to lawmakers that would enable homeowners to refinance at lower rates.  He said the extra money in home owners' pockets would mean more spending in the overall economy.

However, the measure has stalled in the GOP-controlled House of Representatives.

“In February I sent Congress a plan to give every responsible homeowner the chance to save about $ 3,000 a year on their mortgages by refinancing at lower rates,” Obama said. “There are still millions of Americans who are struggling with their mortgages, even at a time of historically low rates.”

"Obama Calls on Congress to Help Distressed US Homeowners," Live Trading News (Oct. 1, 2012)