President Obama has announced a new plan for strengthening America’s housing market, laying out steps that would provide a vital lifeline to struggling homeowners and neighborhoods.
Speaking in Falls Church, Virginia, a community that was hit hard by the mortgage crisis, the President said:
“There are more than 10 million homeowners across the country right now who, because of an unprecedented decline in home prices that is no fault of their own, owe more on their mortgage than their homes are worth. It means your mortgage, your house is underwater.
As I indicated at the State of the Union last week, I am sending Congress a plan that will give every responsible homeowner in America the chance to save about $3,000 a year on their mortgage by refinancing at historically low rates. No more red tape. No more runaround from the banks. And a small fee on the largest financial institutions will make sure it doesn’t add to our deficit.
There’s more that we’re announcing today. We’re working to turn more foreclosed homes into rental housing, because as we know and a lot of families know, that empty house or “for sale” sign down the block can bring down the price of homes across the neighborhood. We’re working to make sure people don’t lose their homes just because they lose their jobs. These are steps that can make a concrete difference in people’s lives right now” President Obama said.
To learn more about how President Obama’s plan will help homeowners and communities across the country get back on their feet, check out this White House fact sheet.