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To-do list for Congress: Home refinancing

At the home of Paul and Valerie Keller in Reno, Nevada today, President Obama made an argument for one important item on his congressional to-do list: cut red tape and make it easier for responsible homeowners to take advantage of low interest rates and refinance their mortgage. The President stressed the need for Congress to take action:

There’s absolutely no reason why they can’t make this happen right now. If they started now, in a couple of weeks, in a month, they could make every homeowner in America who is underwater right now eligible to be able to refinance their homes—if they're making their payments, if they're responsible, if they're doing the right thing. And think about all those families saving $3,000 on average a year—that's a huge boost to our economy. And for some of you who are underwater, you might say, instead of spending that money I can plow that back into equity in my home, and build that back up, which would further strengthen housing prices here in Nevada and around the country.

So it's the right thing to do. There's already a bill in the works. It's supported by independent, nonpartisan economists. It's supported by industry leaders. Congress should pass it right now.

All over the country, there are people just like Paul and Val, folks just like you, who are doing everything they can to do the right thing—to meet their responsibilities, to look after their families, to raise their kids right, give them good values. You're not looking for a handout. You just want to make sure that somebody is looking out for you, and that when you do the right thing that you're able to keep everything that you’ve worked for. That’s what folks are looking for, and that’s what they expect from Washington: to put the politics aside and the electioneering aside, and just do what’s right for people.

So I need all of you and everybody who’s watching to push Congress on their to-do list. Nag them until they actually get it done. We need to keep moving this country forward. Send them an email. Tweet them. Write them a letter if you’re old-fashioned like me.

For more details on the rest of the President’s to-do list for Congress, check out the full remarks from his visit to the Keller family’s home in Nevada.

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