Barack Obama

“ When the party stopped, and the housing bubble burst, it pushed our entire economy into a historic recession – and left middle-class families holding the bag.
Four years later, the housing market is healing. Home sales and construction are up. Prices are beginning to rise. And more than a million families who began this year owing more on their mortgages than their homes are worth, are now back above water.
We’re moving in the right direction. But we’re not there yet. There are still millions of Americans who are struggling with their mortgages, even at a time of historically low rates. ”

“ And that’s why we announced new steps to help responsible homeowners refinance their mortgages. Already, hundreds of thousands of Americans who were stuck in high-interest loans have been able to take advantage of lower rates and save thousands of dollars every year.
That’s not only good for those families; it’s also good for our economy. When folks are spending less on mortgage payments, they’re spending more at local businesses. And when those businesses have more customers, they start hiring more workers. ”

“ 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. ”