Obama urges lawmakers to pass bill to help homeowners refinance

Barack Obama

Barack Obama

President Barack Obama said in his weekly address that while the economy is improving, lawmakers should do more to ensure responsible homeowners are able to refinance and take advantage of historically low interest rates.

“A housing market that was in tatters is showing new signs of real strength,” Obama said. “Sales are rising. Foreclosures are declining. Construction is expanding. And home prices that are rising at the fastest rate in nearly seven years are helping a lot of families breathe a lot easier. Now we need to do more.”

The Obama administration announced last week that it would extend the Home Affordable Modification Program—known as HAMP—as well as the streamlined modification programs to help homeowners avoid foreclosure and refinance.

“Congress should pass a law giving every responsible homeowner the chance to save about $3,000 a year on their mortgage by refinancing at historically low interest rates,” Obama said. “Congress should put more Americans to work rebuilding our crumbling roads and bridges…And Congress should fix our broken immigration system by passing commonsense reform.”

Obama said that there are “a lot of reasons to feel optimistic” about where the country is headed.

“We’ve just got to keep going,” Obama said. “Because we’ve got more good jobs to create. We’ve got more kids to educate. We’ve got more doors of opportunity to open for anyone who’s willing to work hard enough to walk through those doors.”

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