Washington — President Barack Obama announced a series of measures to facilitate the refinancing of mortgage loans for families facing the threat of foreclosure, comparing his Administration's efforts with inaction by Congress.
"What people don't realize, however, that some elected officials in Washington did not seem to share the same sense of urgency that people all around the country," he said in Las Vegas.
"So I'm here to tell you all and tell people of Nevada and Las Vegas-we can't wait for more dysfunctional Congress to do its work. Where they will not act, I will, "said Obama.
He introduced reforms at home affordable refinance program or HARP, allowing more time to refinancing mortgages makes more people eligible and reduces the interest rate on refinancing of credits, granted by the Government-sponsored lenders Fannie Mae and Freddie Mac.
For this reason, the President specifically chose to visit Las Vegas, one of the cities affected by the housing crisis and where house prices have dropped by around 50 per cent from the year 2008.
One of the conditions for getting mortgage refinancing requires that the amount of the debt may not exceed 125% of the current value of the House, this means that many underwater borrowers will not be entitled to a new, lower interest rates.
With this reform at the White House hopes that 1 million families will be added to the mortgage programs, with support from the Federal Government.
".. .the truth is, the only way that we really can attack our economic problems, the only way we can return hundreds of thousands of people to work right now with decisive action from Congress, "said Obama.
"But last month, when I spoke at a joint session of Congress on our employment crisis, I also said that I intend to do everything in my power to act on behalf of the American people--with or without Congress.
Obama faces divided Congress after legislative elections in November 2010, in the House of representatives, controlled by the Republican majority to block any new bills in the year 2011.
Plan jobs 447 billion, submitted by Obama to a joint session of Congress includes tax cuts and public spending increase is aimed at stimulating the fragile economies of the United States and reduce unemployment, which now stands at 9.1 per cent.
However, the President was derailed again when Republicans rejected the plan, which would provide $ 35 billion for States to hire teachers, police officers and firefighters.
The President of the United States is currently on a tour of the country to sell its work plan.
After a visit to North Carolina and Virginia bus last week, he tours the most on the West with stops in Nevada and California.
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