Obama proposes broader housing refinance plan
President Barack Obama called on Congress Wednesday to make it easier for millions of additional homeowners to refinance their mortgages at lower interest rates even if they owe more than their homes are worth. He conceded that his administration’s housing plans have not lived up to their promise.
Calling the housing problem “massive in size and in scope,” Obama detailed a proposal he outlined in his State of the Union speech last week, tackling an issue of vital concern in states key to his re-election.
“This housing crisis struck right at the heart of what it means to be middle class in America: our homes,” Obama said, speaking at a northern Virginia community center.
Obama’s proposal would give homeowners with privately held mortgages a shot at record low rates, for an annual savings of about $3,000 for the average borrower.
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The Obama administration, in conjunction with federal regulators and led by the overseer of Fannie Mae and Freddie Mac, are very close to announcing a pilot program to sell government-owned foreclosures in bulk to investors as rentals, according to administration officials.
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