Hi, everybody. In recent weeks, you might have noticed something. Or maybe even heard the sound of it if you live close enough.
New homes are going up. In fact, construction workers are
breaking ground on new homes in America at the fastest pace in more than
four years.
At the same time, more homes are being sold. Home values
are back on the rise. And foreclosure filings are at their lowest point
in the five years since the housing bubble burst and left millions of
responsible families holding the bag.
Now, we’re not where we need to be yet. Too many homes are
still underwater. Too many families are still having a hard time making
the mortgage on their piece of the American Dream.
But one of the heaviest drags on our recovery is getting
lighter. Now we have to build on the progress we’ve made, and keep
moving forward.
I never believed that the best way to deal with the
housing market was to just sit back, do nothing, and simply wait for
things to hit bottom. That would have been a disaster for all the
responsible families who – through no fault of their own – were
struggling to make ends meet.
Instead, I’ve made helping those homeowners a priority.
Since I took office, my Administration has taken action to help millions of families stay in their homes.
We teamed up with attorneys general in almost every state
to investigate and crack down on the practices that caused this mess.
And in the end, we secured a $25 billion settlement from the biggest
banks – one of the biggest settlements in history – and used it to
provide relief to families all across America.
We’ve taken action to help responsible homeowners
refinance their mortgages. As a result, just this year hundreds of
thousands of Americans who were stuck in high-interest loans have been
able to take advantage of historically low rates and are saving
thousands of dollars every year.
And now I want every homeowner in America to have that
chance. I just wish it didn’t require an act of Congress. But it does.
So, back in February, I sent Congress a plan to give every responsible
homeowner the chance to save about $3,000 a year on their mortgage by
refinancing at historically low rates. That’s the equivalent of a $3,000
tax cut.
It’s a plan that we know will work. It has the support of
independent, nonpartisan economists and leaders across the housing
industry. It’s a no-brainer that should have passed easily.
But Republicans in Congress banded together and kept this plan from even coming to a vote.
They banded together and prevented millions of Americans –
including many of you listening today – from saving $3,000 a year.
That’s money that could have gone back into the value of your home, or
your kid’s college savings account. That’s money that could have gone
into your local businesses, so they could hire and create more jobs in
your town.
But Republicans in Congress still won’t let that happen.
And that’s only held back the economy, when we should be doing
everything we can to accelerate our economic engine.
Let’s be honest – Republicans in Congress won’t act on
this plan before the election. But maybe they’ll come to their senses
afterward if you give them a push. So contact your Representative,
especially if this plan will help you or someone you know. Tell him or
her that American homeowners have waited long enough. Tell them that
it’s time for Congress to stop standing in the way of our recovery and
to start standing up for you. Thanks and have a great weekend.
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