Mortgage Relief offered by President Obama

Much to the relief of gazillion Americans, President Barack Obama on Monday offered mortgage relief which many believe is his latest effort to ease the political and economic fallout of a housing crisis that is seriously hampering his re-election chances.

“I’m here to say that we can’t wait for an increasingly dysfunctional Congress to do its job,” the president declared outside a family home in Las Vegas, the epicenter of foreclosures and joblessness. “Where they won’t act, I will.”

Making a case for his policies and a new effort to circumvent roadblocks put up by Republican lawmakers, Obama also laid out a theme for his re-election, saying that there’s “no excuse for all the games and the gridlock that we’ve been seeing in Washington.”

“People out here don’t have a lot of time or a lot of patience for some of that nonsense that’s been going on in Washington,” he said.

The new rules for federally guaranteed loans represent a recognition that measures the administration has taken so far on housing have not worked as well as expected.

While Obama has proposed prodding the economy with payroll tax cuts and increased spending on public works and aid to states, he has yet to offer a comprehensive refurbish of the nation’s housing programs. Economists point to the burst housing bubble as the main culprit behind the 2008 financial crisis.

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1 Comment

  1. The collapsed housing market, and the millions of underwater mortgages are, in fact, the biggest impediment to reviving the economy. That part is on target. Reducing the interest rate on the mortgage of a house that can’t be sold without taking a bath or bankrupting, doesn’t do much. These people are trapped. They cannot move to find a better job, they cannot borrow on a house with negitive equity to start a business, and they cannot get a home improvement loan to try to help unload the place.

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