The President to Bypass Congress on Mortgages
With recovery in the housing market tied to economic recovery, Mr. Obama will today announce what senior officials are calling a "major overhaul" of the government's underused refinance program for federally guaranteed mortgages, in order to aid homeowners having difficult refinancing their housing loan.
White House correspondent Norah O’Donnell reports that for homeowners who are underwater and have been paying their bills but couldn’t refinance and take advantage of the lower interest rates, now will be able to do so because these executive branch actions taken by the President will remove many of the barriers that have been in place.
While I commend the President for taking action, what is not reported in this video is that this will only help about 1 million homeowners who currently have government backed loans, leaving about another 7-8 million homeowners out in the cold.
Until Congress can do what is right and quit worrying about their re-election campaigns and take action and start enacting morally, ethical legislation towards some of the private lenders in the country who control a majority of the mortgages in the market, we are still going to be dealing with a lot of these issues for the foreseeable future.
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