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Response to cal04 (Original post)

Sat Sep 29, 2012, 05:20 PM

5. Obama to Congress: Pass housing bill

Obama to Congress: Pass housing bill

5:04PM EST September 29. 2012 - Seeking to make Congress a major issue in his re-election bid, President Obama called on lawmakers today to pass a bill designed to help struggling homeowners refinance their properties.

"Last week, mortgage rates were at historic lows," Obama said in his Saturday radio address. "But instead of helping more and more hardworking families take advantage of those rates, Congress was away on break."

The proposal would "give every responsible homeowner the chance to save about $3,000 a year on their mortgages by refinancing at lower rates," Obama said.

Obama noted it has been four years since the nation's financial meltdown, an event brought on largely by "reckless behavior in the housing market."


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