Echoing his message in a speech earlier this week in Phoenix, Ariz., in his weekly address on Saturday President Barack Obama praised the progress the housing market has made in its recovery over the past four years, calling on Congress to work to make it possible for all Americans to save money by refinance their mortgages at today’s lower interest rates, to find ways to help Americans who qualify for a loan to get a loan and to make certain that those who cannot afford to buy a home or do not want to buy a home have access to “decent, affordable places to rent.”
The President also called on the phase-out of companies like Fannie Mae and Freddie Mac, end government bailouts to mortgage companies which chase higher profits while engaging in high-risk loans and ensure the continuation of more stable mortgage loans like 30-year fixed mortgages.
Furthermore, President Obama called on the U.S. Senate to confirm Representative Mel Watt (D-N.C.) for the position of Director of the Federal Housing Finance Agency.
“Over the past four years, we’ve worked to help millions of responsible homeowners get back on their feet,” the President remarked. Continuing, he said, “And while we’re not where we need to be yet, our housing market is beginning to heal. Home prices and sales are rising. Construction is up. Foreclosures are down. Millions of families have come up for air because they’re no longer underwater on their mortgages.
“Now we have to build on this progress. Congress should give every American the chance to refinance at today’s low rates. We should help more qualified families get a mortgage and buy their first home ... and we should make sure that folks who don’t want to buy a home have decent, affordable places to rent.”
During the August congressional recess, President Obama has been traveling throughout the country in an attempt to urge Americans to convince their republican representatives and senators to pass legislation which builds a stronger economy for all Americans by building a larger and stronger middle class America.
