Bush On The Air: The Mortgage Mess
December 8, 2007, 12:53pm
The mortgage industry is a mess, and President Bush thinks it’s time for the federal government to help the private sector do something about it. He outlined a three-step plan in his weekly radio address:
- Giving the Federal Housing Administration greater flexibility to offer refinancing to homeowners who have good credit histories but cannot afford their current payments;
- Assembling an industry alliance that has agreed to standards for refinancing the existing loans of struggling homeowners into a private mortgage, among other steps;
- And taking regulatory action to make the mortgage industry more transparent, reliable, and fair.
Bush urged lawmakers to pass legislation to modernize the FHA and provide funding to support mortgage counseling. “Congress has not sent me a single bill to help homeowners,” he said.
In this week’s Democratic address, Sen. Richard Durbin of Illinois chastised the Republican minority for what he sees as their determination to “make this a ‘no-can-do’ Congress.” One complaint focused on the GOP’s efforts to block mortgage-related bills.
“The mortgage crisis isn’t just your neighbor’s problem any more — it’s everybody’s problem,” Durbin said. “… Yet Senate Republicans blocked two bills this week that would help families facing foreclosure hold onto their homes and keep the mortgage crisis from spreading.”
Categories: Podcast of the Week, Weekly Radio Address, Taxes, Economy
Subscribe to RSS