President Obama’s Weekly Address 9/29/2012 It Is Time For Congress To Help Responsible Homeowners

From the White House; “In this week’s address, President Obama explains his administration’s steps to help the housing market, including giving responsible homeowners a chance to save thousands of dollars every year by refinancing their mortgages, but says we need Congress’s help to do more.” President Obama says, “Today, we know the biggest cause of that crisis was reckless behavior in the housing market. Millions of Americans who did the right and responsible thing – who shopped for a home, secured a mortgage they could afford, and made their payments on time – were badly hurt by the irresponsible actions of others. By lenders who sold loans to families who couldn’t afford them – and buyers who knew they couldn’t afford them. By speculators who were looking to make a quick buck. And by banks that packaged and sold those risky mortgages for phony profits.” Obama claims he has tried to help saying, “Back 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. It’s a plan that has the support of independent, nonpartisan economists and leaders across the housing industry. But Republicans in Congress worked to keep it from even getting to a vote. And here we are – seven months later – still waiting on Congress to act.”