President Proposes Mortgage Refinance Program

Barack Obama by The Obama-Biden Transition ProjectIn his State of the Union Address Tuesday, President Barack Obama proposed a mortgage refinance program to help homeowners take advantage of the current low interest rates. The president says he is sending Congress a plan that gives every responsible homeowner the chance to save about $3,000 a year on their mortgage. The program would be financed by a fee charged to large financial institutions that the president says will give banks that were rescued by taxpayers a chance to repay a deficit of trust. Obama also spoke in favor of regulations that would make keep the housing crisis from happening again. “We’ve all paid the price for lenders who sold mortgages to people who couldn’t afford them, and buyers who knew they couldn’t afford them. That’s why we need smart regulations to prevent irresponsible behavior. Rules to prevent financial fraud, or toxic dumping, or faulty medical devices, don’t destroy the free market. They make the free market work better.”

(Image Credit: Barack Obama by The Obama-Biden Transition Project/Wikipedia)

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