In address, Obama urges Congress to pass new housing legislation

New York /
Oct.October 01, 2012 03:00 PM

The U.S. housing market is “healing,” but more action is needed before it can be given a clean bill of health, President Barack Obama said in his weekly address. He rapped Congress for failing to bring to the floor a bill that would allow homeowners to refinance at lower rates. Obama sent that bill to Congress back in February — and has said that the legislation could save some  homeowners up to $3,000 a year. 

Glenn Hubbard, one of Republican presidential nominee Mitt Romney’s economic advisors, has backed the president’s plan.

In his address Saturday, Obama said that responsible homeowners were hurt by the irresponsible actions on the part of lenders and buyers with unrealistic expectations about how mortgages would be paid off, by reckless real estate speculators, and by financial institutions “that packaged and sold those risky mortgages for phony profits.” And he plugged the White House’s efforts to help families facing foreclosure, and its work with state attorneys general to probe the banking practices that undid many homeowners during the past four years.

In the Republican response to Obama’s address, Vernon Parker, who is running for Congress in Arizona, slammed the administration’s government-centric approach to improving the economy.  [CBS News] —TRD


Related Articles

arrow_forward_ios
Vice President Kamala Harris (Photos via Getty/Illustration by Kevin Rebong for The Real Deal)
Senate clears path for $1.9T package including rent relief
Senate clears path for $1.9T package including rent relief
Congressman Al Lawson and Van Taylor (Lawson by Bill Clark/CQ-Roll Call, Inc via Getty Images; Taylor by Thomas McKinless/CQ Roll Call)
Congress pitches relief to struggling hotel, mall CMBS borrowers
Congress pitches relief to struggling hotel, mall CMBS borrowers
From left: Senator Julia Salazar, Time Equities CEO Francis Greenburger, Housing Justice for All's Cea Weaver and Belkin Burden LLP's Sherwin Belkin
Salazar, Greenburger, Weaver, Belkin debate tenants’ rights on tonight’s TRD Talk
Salazar, Greenburger, Weaver, Belkin debate tenants’ rights on tonight’s TRD Talk
Rep. Alexandria Ocasio-Cortez (Credit: Photo by Brittany Greeson/Getty Images)
AOC: Rent strikers have no choice
AOC: Rent strikers have no choice
Senate Majority Leader Mitch McConnell and House Speaker Nancy Pelosi (Credit: (Photo by Drew Angerer/Getty Images)
Congress fixed tax code “retail glitch” and gave real estate a tax windfall
Congress fixed tax code “retail glitch” and gave real estate a tax windfall
Representative Kevin McCarthy and US Speaker of the House Nancy Pelosi show the $2 trillion stimulus bill (Credit: ALEX EDELMAN/AFP via Getty Images)
House passes $2 trillion stimulus package
House passes $2 trillion stimulus package
Governor Andrew Cuomo (Credit: Getty Images, iStock, and Pixabay)
Cuomo’s executive order tells banks to give homeowners a break
Cuomo’s executive order tells banks to give homeowners a break
The Obamas and 79 Turkeyland Cove Road (Credit: Getty Images, Zillow)
Post-presidential pads: After the White House, what comes next?
Post-presidential pads: After the White House, what comes next?
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...