Obama: The Public Thinks My Refinance Plan ‘Makes Sense’

Posted by Orb Staff on August 21, 2012 No Comments
Categories : Mortgage Servicing

12229_obamasotu Obama: The Public Thinks My Refinance Plan 'Makes Sense' President Obama says that the housing market is ‘beginning to tick up,’ but that progress would be faster if Congress passed a currently stalled mortgage refinance bill.

During his surprise appearance during yesterday's White House press briefing, Obama stated that the U.S. public was behind the goals of the refinance bill.

‘We have put forward an idea that, I think, a lot of Americans think makes sense,’ he said. ‘Which is [that] we've got historically low interest rates now, and the housing market is beginning to tick back up – but it's still not at all where it needs to be. There are a lot of families out there whose homes are underwater. They owe more than the house is worth because housing values dropped so precipitously, and they're having trouble refinancing.

‘We're going to be pushing Congress to see if they can pass a refinancing bill that puts $3,000 into the pockets of the average family who hasn't yet refinanced their mortgage,’ he continued. ‘That's a big deal. That $3,000 can be used to strengthen the equity in that person's home, which would raise home values. Alternatively, that's $3,000 in people's pockets that they can spend on a new computer for their kid going back to school, or new school clothes for their kids, and so that would strengthen the economy as well.’

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