Barack Obama

“ I never believed that the best way to deal with the housing market was to just sit back, do nothing, and simply wait for things to hit bottom. That would have been a disaster for all the responsible families who – through no fault of their own – were struggling to make ends meet. ”

“ And now I want every homeowner in America to have that chance. I just wish it didn’t require an act of Congress. But it does. So, back in February, I sent Congress a plan to give every responsible homeowner the chance to save about $3,000 a year on their mortgage by refinancing at historically low rates. That’s the equivalent of a $3,000 tax cut. It’s a plan that we know will work. It has the support of independent, nonpartisan economists and leaders across the housing industry. It’s a no-brainer that should have passed easily. ”

“ Too many homes are still underwater. Too many families are still having a hard time making the mortgage on their piece of the American Dream. But one of the heaviest drags on our recovery is getting lighter. ”