President Obama called on Congress to give every responsible homeowner the opportunity to save thousands of dollars each year by refinancing their homes.
Not long ago, Val and Paul Keller of Reno, Nevada, found themselves underwater.
They were current on their mortgage and made their payments on time, but when the housing crisis hit, the Kellers' home value dropped to less than what they owed on their mortgage. It's a story that hardworking people across the country know all too well. In Nevada, the state hit hardest by the housing crisis, 60 percent of homeowners are currently underwater. But when the Kellers tried to refinance their mortgage, they were denied; banks were reluctant to provide new financing on underwater homes.
But President Obama believes that hardworking, responsible homeowners should be able to take advantage of current low rates and feel secure in their homes. His administration set up a program that would help those with government-backed loans refinance their homes—and thanks to President Obama's actions, the Kellers, who were able to refinance under the new rules, are now saving around $3,000 a year.The President's housing program is making a difference to thousands of American families, and it's giving a boost to our economy.
Today, from the Keller family's driveway, President Obama called on Congress to give every responsible homeowner—not just the ones with government-backed loans—the opportunity to save thousands of dollars each year by refinancing their homes. It's part of his to-do list for Congress: five actions that Congress can and should take before they adjourn for the summer that will keep us moving forward and create jobs.
The contrast with the Republicans' presumptive presidential nominee, Mitt Romney, couldn't be more stark. Romney has no plan to help responsible homeowners who make their mortgage payments on time but who find themselves underwater. Instead, he believes we should let the foreclosure process "run its course and hit the bottom." In fact, foreclosures in Massachusetts quadrupled on Romney's watch.
When he campaigned in Florida, the second-hardest-hit state, Romney had the nerve to tell underwater homeowners that banks are "feeling the same thing they are." And now he wants to help his pals on Wall Street by repealing the reforms that end the abuses in the mortgage system that contributed to the housing crisis.
If you're a responsible homeowner trying to make ends meet, Romney's message is this: You're on your own.
Don't let Romney get the chance to undo what the President has accomplished on housing and prevent further progress. Stand up for the President's housing plan on Twitter using the hashtag #CongressToDoList.