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WEEKLY ADDRESS: Growing the Housing Market andSupporting our Homeowners
WASHINGTON, DC— In this week’s addre, President Obama said seven years afterthe real estate bubble burst, our housing market is healing.The administration’spolicies have helped responsible homeowners save money on their mortgages andstay in their homes, and the President’s consumer watchdog agency is working toprotect consumers from being taken advantage of on their mortgages, but there itill more work to do.The President urges Congre to quickly confirm Mel Watt tolead the Federal Housing Finance Agency, and take action to give every responsiblehomeowner the chance to refinance and save money on their mortgage, so that wecan keep growing the housing market, support working families, and strengthen theeconomy.Remarks of President Barack Obama
Weekly Addre The White House MAY 11, 2013
Hi, everybody.Our top priority as a nation is reigniting the true engine of our economic growth –a rising, thriving middle cla.And few things define what it is to be middle cla in America morethan owning your own cornerstone of the American Dream: a home.Today, seven years after the real estate bubble burst, triggering the worst economic crisis sincethe Great Depreion and costing millions of responsible Americans their jobs and their homes, ourhousing market is healing.Sales are up.Foreclosures are down.Construction is expanding.Andthanks to rising home prices over the past year, 1.7 million more American families have been ableto come up for air, because they’re no longer underwater on their mortgages.From the day I took office, I’ve made it a priority to help responsible homeowners and prevent thekind of recklene that helped cause this crisis in the first place.My housing plan has already helped more than two million people refinance their mortgages, andthey’re saving an average of $3000 per year.My new consumer watchdog agency is moving forward on protections like a simpler, shortermortgage form that will help to keep hard-working families from getting ripped off.But we ’ ve still got more work to do.We ’ ve got more responsible homeowners to help – folkswho have never mied a mortgage payment, but aren’ t allowed to refinance;working familieswho have done everything right, but still owe more on their homes than they’re worth.Last week, I nominated a man named Mel Watt to take on these challenges as the head of theFederal Housing Finance Agency.Mel’s represented the people of North Carolina in Congre for 20years, and in that time, he helped lead efforts to put in place rules of the road that protectconsumers from dishonest mortgage lenders, and give responsible Americans the chance to owntheir own home.He’s the right person for the job, and that ’ s why Congre should do its job,and confirm him without delay.And they shouldn’t stop there.As I said before, more than two million Americans have alreadyrefinanced at today’s low rates, but we can do a lot better than that.I’ve called on Congre togive every responsible homeowner the chance to refinance, and with it, the opportunity to save$3,000 a year.That’s like a $3,000 tax cut.And if you’re one of the millions of Americans whocould take advantage of that, you should ask your representative in Congre why they won’t acton it.Our economy and our housing market are poised for progre – but we could do so much more ifwe work together.More good jobs.Greater security for middle-cla families.A sense that yourhard work is rewarded.That’s what I’m fighting for – and that’s what I’m going to keep fighting foras long as I hold this office.Thank you.And have a great weekend.
