Contact Us

President Obama Pushes A Plan To Help Homeowners [AUDIO]

Alex Wong, Getty Images

President Obama wants to make it easier for millions of additional homeowners to refinance their mortgages – so they can take advantage of lower interest rates – even if their houses are “underwater” – where they owe more than their homes are worth.

He’s urging Congress to expand the Home Affordable Refinance Program – so includes homeowners with privately held mortgages, as well as those backed by government-affiliated mortgage giants Freddie Mac and Fannie Mae.

The President says his proposal would allow all responsible homeowners to refinance, and save an average of 3 thousand dollars a year.

Patrick O’Keefe, the Director of Economic Research at JH Cohn, says “anything we can do to assist people who are current in their mortgage payments- to take advantage of these historically low rates – is to be encouraged – the difficulty is how do we finance that initiative – and what the administration is proposing is a fee paid by banks -whether that’s politically feasible is for others to judge.”

He says this might be a popular idea with a lot of people but “the banking system is in the process of recapitalizing because of the damage that was done to their balance sheets by credit crisis – which in part they were responsible for…it’s always popular to spend other people’s money, but in this case, imposing those fees may cause some lending institutions to cut back on their lending…none of this is cost free.”

President Obama also wants lawmakers in Congress to adopt a Homeowners Bill of Rights – to help families understand what to look for when shopping for a mortgage.


Courtesy Associated Press

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

More from WOBM AM

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your points and personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account with your Facebook account, just click on the account activation button below. You will maintain your existing profile and VIP program points. After you do this, you will be able to always log in to http://wobmam.com using your Facebook account.

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

Register on WOBM-AM 1160 & 1310 quickly by logging in with your Facebook account. It's just as secure, and no password to remember!

Not a Member? Sign Up Here

Register on WOBM-AM 1160 & 1310 quickly by logging in with your Facebook account. It's just as secure, and no password to remember!