Obama Blames Congress over Mortgages
In an attempt to remind election voters again about the economic situation he took over back 2008, President Barack Obama focused his weekly radio address on the ongoing mortgage crisis. He blamed Congress for not doing more to help homeowners to recover.
In February, Obama said he sent a plan to Congress that would give every homeowner who was responsible the opportunity to save close to $3,000 per year on mortgage payments by being able to refinance at lower interest rates.
Obama said in his radio address his plan is supported by nonpartisan leaders and economists throughout the housing industry. However, Congressional Republicans worked to make sure if did not reach a vote and seven months after being presented, it is still waiting to be voted on by Congress.
Obama added that last week the interest rates for mortgages reached all time lows. However, instead of more families being helped to take advantage of the low rates, Congress took a break to campaign, said the president.
Obama did not just target Congress in his address. He took direct aim at Republican presidential nominee Mitt Romney. He said Romney had said that the housing market should be able to bottom out.
Obama said he did not agree with Romney’s point of view and that was why he and the White Administration worked with attorney generals in the states to investigate the way many of the homeowners were treated by banks.
Meanwhile Republicans focused on the economy’s current state in their Saturday address, which was delivered by a Republican candidate in Arizona vying for a seat in the House.