President Obama announced a plan on Monday that will give mortgage relief to hundreds of thousands of Americans, including an initiative that will make it easier for homeowners to refinance and avoid foreclosure, according to ABC News.
The actions will not require congressional approval; Obama stated, “We can’t wait” for Congress to take action on the economy.
“There are still millions of Americans who have worked hard and acted responsibly, paying their mortgage payments on time. But now that their homes are worth less than they owe on their mortgage, they can’t get refinancing,” Obama said.
The new rules, announced by the Federal Housing Finance Agency, include removing caps for “underwater” borrowers and slashing the costs of refinancing.
“If you meet certain requirements, you will have the chance to refinance at lower rates, which could save you hundreds of dollars a month, and thousands of dollars a year in mortgage payments,” Obama said.
According to ABC, the president plans in the coming weeks to publicize a series of executive actions, such as this one, intended to boost economic growth that don’t require congressional approval.
To read the full story, click here.
Advertisement
Related Stories
Housing Markets
States Seek Long-Term Solutions to Reform Property Taxes
Rising home prices typically lead to higher property tax assessments, which has been the case in many Mountain West states, prompting lawmakers to grapple with property tax relief
Off-Site Construction
Utah Passes Bill to Regulate Modular Construction at the State Level
Goals for housing innovation and affordability meet in Utah's passage of a new bill that establishes a statewide modular construction program
Government + Policy
Biden's Proposed Fixes for Housing Affordability
In his State of the Union address, President Biden proposed several actions to improve housing affordability and supply