Obama to announce changes in mortgage refinancing Monday

Discussion in 'Wall St. News' started by ASusilovic, Oct 24, 2011.

  1. (Reuters) - President Barack Obama this week will announce a series of actions to help the economy that will not require congressional approval, including an initiative to make it easier for homeowners to refinance their mortgages, according to a White House official.

    The actions come as Obama is facing resistance from Republicans to a $447 billion jobs package he has urged Congress to pass.

    The first of the initiatives will be unveiled during Obama's three-day trip to western states beginning Monday.

    He will discuss the changes in mortgage rules at a stop in Nevada, which has one of the hardest-hit housing markets in the country.

    The Obama administration has been working with the Federal Housing Finance Agency, the regulator for Fannie Mae and Freddie Mac, to find ways to make it easier for borrowers to switch to cheaper loans even if they have little to no equity in their homes.

  2. AK100


    First they change the rules to make it too easy to get a mortgage.

    Then they're forced to try to help people who shouldn't have got such large mortgages in the first place.

    You reap what you sow..........