Today, the President traveled to Las Vegas to highlight a set of steps announced by the FHFA to make it easier for some homeowners to refinance their mortgages.  This will help responsible borrowers with little or no equity in their homes take advantage of today’s low mortgage rates. 

Over the past several months, the Obama Administration has worked with federal housing agencies, industry stakeholders and state and local governments to push forward several important executive actions to help stabilize the housing market and help struggling borrowers:

Helping Responsible Homeowners Afford Mortgages

• Helping more responsible borrowers refinance their mortgages (10/24/11):Today, the Federal Housing Finance Agency (FHFA) announced a set of changes to help a greater number of creditworthy borrowers refinance – particularly those who are underwater on their mortgages. By eliminating the maximum cap on underwater borrowers participating in the program, as well as eliminating certain risk-based fees and encouraging competition by addressing the issue of representations and warranties, these changes should help more Americans save several hundred dollars each month by taking advantage of today’s historically low interest rates. 

Helping Prevent Foreclosures and Keep Families in Their Homes

• Providing 12 months of mortgage forbearance for unemployed borrowers (07/25/11): The Administration announced it was extending the minimum forbearance period that unemployed borrowers could receive on their mortgages to a full year, up from four months in FHA and three months in the Home Affordable Modification Program (HAMP). This change will help borrowers stay in their homes while they look for jobs, which is not only good for those families but for the housing market by reducing the number of homes that go into foreclosure. These changes went into effect on 10/1/11.
   
• Encouraging servicers to speed up the HAMP modification process (07/06/11):To help encourage servicers to move quickly to modify distressed borrowers’ loans, the Treasury adjusted the incentive structure of HAMP payments to servicers. Treasury reformed the system from a flat $1,000 fee to variable fee to encourage modifications earlier in a homeowner’s delinquency. The new incentive structure is $1,600 for modifications before 4 months of delinquency, $1,200 for 4-7 months, and $400 afterwards.
• Single point of contact for HAMP borrowers (05/18/11): In conjunction with Treasury, the Administration has provided significant resources for homeowners seeking assistance through HAMP.  On May 18, the Treasury Department provided guidance requiring the 20 largest servicers participating in HAMP to provide a single point of contact for homeowners.  As of September 1 for new applicants to the program, and November 1 for homeowners who have already begun the application process, servicers are required to implement a Single Point of Contact system of customer service for their non-GSE loans, so that a homeowner seeking a modification or foreclosure avoidance assistance has one single relationship manager.  The relationship manager works with the homeowner throughout the loss mitigation process until all options have been exhausted.
   
• Right to neutral third-party appeal of modification denials (02/01/11): In the event a homeowner is not eligible for a modification HAMP requires servicers to notify the homeowner of this decision in writing using commonly understandable language, and to give homeowners 30 days to dispute the decision before a foreclosure sale can take place.  If a homeowner has been denied due to a negative net present value (NPV) result, servicers must disclose all of the variables that went into the NPV calculation and homeowners can also work with staff at the Homeowner’s HOPE Hotline and the HAMP Solution Center to resolve any issues.  Treasury has also made available online an NPV Calculator to help homeowners better understand their eligibility.

Reducing Housing Inventory to Increase Home Values, Improve Economy

• Transitioning vacant property owned by the GSEs/FHA into rental housing (8/1/11 – ongoing): In August, the FHFA, in conjunction with the Obama Administration released a request for information on ways to help address the growing inventory of Real Estate Owned (REO) foreclosed proprieties on Fannie and Freddie’s books, including   transitioning properties to rental housing. Together, the GSEs and FHA own about half of the REO properties across the country. These REO properties are at the end of the foreclosure pipeline, usually vacant and often not well maintained. As such, they have a disproportionate downward impact on local and regional housing prices. Taking steps to transition some of this inventory over into rental properties or other productive uses will help stabilize neighborhoods and home values, and encourage greater private investment into the real estate sector at a crucial moment in our economy. 

Helping Hardest Hit States

• Implementing the Hardest Hit Fund (2/19/10 – on going):Treasury has allocated $ 7.6 billion to help homeowners avoid foreclosure in the areas hardest hit by steep home price declines and unemployment. All 18 states and the District of Columbia are now accepting applications for the Hardest Hit Fund foreclosure prevention programs.

Increasing Transparency and Accountability

• New compliance reporting for the largest HAMP servicers (06/09/11 - ongoing): Since inception of the Making Home Affordable Program (MHA),Treasury has conducted a comprehensive compliance program to ensure that homeowners are being fairly evaluated for the program and that servicer operations reflect the primary aim of both Treasury and the Administration:  assisting struggling homeowners who may be eligible for assistance and ensuring that homeowners are being treated appropriately.   This past June, Treasury enhanced its public reporting by publishing servicer assessments for each of the 10 largest servicers in the Making Home Affordable Program (MHA).  These assessments are designed to provide further information to the public about servicer performance and prompt servicers to correct identified deficiencies by holding them publically accountable.  In the second quarter of 2011, two servicers were found to be non-compliant and, therefore, their incentive payments have been withheld. 

A powerful earthquake rocked eastern Turkey on Sunday, and even as rescuers hunt for survivors, the death toll has climbed into the hundreds.

On hearing the news, President Obama issued the following statement:

We have been following reports of the earthquake in Turkey's eastern province of Van with great concern. On behalf of the American people, I express my deepest condolences to the families of the victims. Our thoughts and prayers are with the brave men and women who are working to bring assistance to this stricken region. We stand shoulder to shoulder with our Turkish ally in this difficult time, and are ready to assist the Turkish authorities.

The State Department is advising U.S. citizens who need assistance to contact Turkish Authorities or the U.S. Consulate in Adana, which is located at Girne Bulvari No. 212, Guzelevler Mahallesi, Yuregir, Adana, Turkey. The consulate's telephone number is (90)(322) 346-6262; fax is (90)(322) 346-7916.

Look for more updates on the U.S. Consulate in Adana website.

Following today’s historic declaration of liberation in Libya, President Obama released this statement:

On behalf of the American people, I congratulate the people of Libya on today’s historic declaration of liberation.  After four decades of brutal dictatorship and eight months of deadly conflict, the Libyan people can now celebrate their freedom and the beginning of a new era of promise. 

Following the Senate vote on jobs for teachers and first responders, President Obama made clear that blocking action on getting Americans back to work is unacceptable:

For the second time in two weeks, every single Republican in the United States Senate has chosen to obstruct a bill that would create jobs and get our economy going again...We must do what’s right for the country and pass the common-sense proposals in the American Jobs Act.

Every Senate Republican voted to block a bill that would help middle class families and keep hundreds of thousands of firefighters on the job, police officers on the streets, and teachers in the classroom when our kids need them most.
 
Those Americans deserve an explanation as to why they don’t deserve those jobs – and every American deserves an explanation as to why Republicans refuse to step up to the plate and do what’s necessary to create jobs and grow the economy right now.

Inaction won't work for American families that are just scraping by. President Obama intends to keep working with Congress to bring up the American Jobs Act piece by piece. That's why this week we're pulling out different aspects of the bill to show how it will impact you, like the expansion of the payroll tax cut passed last year that will provide a $1,500 tax cut to the typical American family in 2012.

On Monday afternoon, I’ll head over to the White House to meet with the ONE Moms, along with Dr. Jill Biden and National Security Council Senior Director Gayle Smith.

If you haven’t heard of the ONE Moms, you should definitely learn more about them: a group of more than 12,000 women helping to lead a movement of change around the world to end poverty.

The group of ONE Moms we will be meeting with on Monday recently returned from a trip to Kenya where they met with African mothers living through the worst drought the world has seen in 60 years.  I’m sure the trip was an incredibly powerful experience for them, as similar trips have been for Dr. Biden, Gayle and me. 

What happened this week on WhiteHouse.gov:

Home for the Holidays Friday afternoon the President announced that the remaining  troops in Iraq will be officially coming back home, thus ending the war in Iraq. “Over the next two months, our troops in Iraq—tens of thousands of them—will pack up their gear and board convoys for the journey home. The last American soldiers will cross the border out of Iraq—with their heads held high, proud of their success, and knowing that the American people stand united in our support for our troops. That is how America’s military efforts in Iraq will end.”

Road Trip President Obama embarked on a three day bus tour to spread the word about the American Jobs Act. Starting the journey in Asheville, NC and ending in North Chesterfield, VA, he also made stops in Millers Creek, NC, Jamestown, NC, Emporia, VA and Hampton, VA.The President visited schools, an airport, a military base, and a fire station along the way all of which will benefit from the American Jobs Act. On the last day of the tour, the First Lady joined the President at Joint Base Langley-Eustis announcing a commitment from the private sector to hire 25,000 veterans and military spouses. The jobs bill would put Americans back to work, upgrade our country’s infrastructure, and keep teachers and emergency responders on the job. 

Citizens Award Tuesday in the East Room, the President honored 13 Americans with the Citizens Medal, one of the highest honors a civilian can receive. The award is given to Americans who have "performed exemplary deeds of service for their country or their fellow citizens." The recipients chosen to receive this year’s medal were nominated by the public, and then carefully selected by the White House. Click here to learn more about the recipients and to watch a video showing their reactions to the news that they'd been chosen.

“We Will Overcome” Tens of thousands came to the National Mall Sunday for the Martin Luther King Jr. Memorial Dedication. President Obama, joined by the First Family, toured the memorial and then spoke at the dedication ceremony in honor of Dr. King's work. During his speech, President Obama reminded us that the progress towards Dr. King's vision has not come easily and there is still more to do to expand opportunity and make our nation more just:“We can’t be discouraged by what is.  We’ve got to keep pushing for what ought to be, the America we ought to leave to our children, mindful that the hardships we face are nothing compared to those Dr. King and his fellow marchers faced 50 years ago, and that if we maintain our faith, in ourselves and in the possibilities of this nation, there is no challenge we cannot surmount.”

MLB support U.S. Veterans As a part of their Joining Forces Initiative, the First Lady and Dr. Jill Biden traveled to St. Louis, Missouri, for Game One of the World Series to meet with military families and to recognize Major League Baseball’s support of those who serve and their families. Earlier that day, the First Lady announced at Joint Base Langley-Eustis in Virginia a commitment from the private sector to hire 25,000 veterans and military spouses.

Cutting Waste As a part of the Campaign to Cut Waste, the White House recently updated the Excess Property map that uses new data to pinpoint the location and status of federal properties that agencies have targeted for closure and consolidation. Ending this waste and improving the management of the government’s real estate will save hundreds of millions of taxpayer dollars.

Shortly after President Obama delivered remarks on ending the war in Iraq, we held a session of White House Office Hours on Twitter. Ben Rhodes, Deputy National Security Advisor for Strategic Communications, signed on @WHLive to answer your #WHChat questions on ending the war in Iraq responsibly, and bringing our troops home. Take a look at your questions and Ben's answers below or over on Storify. 

Ben Rhodes, Deputy National Security Advisor for Strategic Communications, answers your questions on ending the war in Iraq during White House Office Hours on Twitter. October 21, 2011. (by Mori Rothman)

Follow @WHLive and @WhiteHouse on Twitter for the latest updates and upcoming opportunities to engage with us.

Ed. Note: Shortly after President Obama’s remarks on ending the war in Iraq, we held a session of White House Office Hours on Twitter. Ben Rhodes, Deputy National Security Advisor for Strategic Communications, signed on @WHLive to answer your #WHChat questions on ending the war in Iraq responsibly, and bringing our troops home. Take a look at your questions and Ben's answers. 

In 2008, in the height of the presidential campaign, then-Senator Obama made a promise to give our military a new mission: ending the war in Iraq.

As the election unfolded, he reiterated this pledge again and again -- but cautioned that we would be "as careful getting out of Iraq as we were careless getting in."

Last year, the President made progress toward achieving that goal. He brought an end to the combat mission in Iraq, and through the course of the past 14 months, more than 100,000 troops have returned to their families.

Now, that promise will be wholly fulfilled. Today, President Obama announced that the rest of our troops will be home by the holidays:

Over the next two months, our troops in Iraq—tens of thousands of them—will pack up their gear and board convoys for the journey home. The last American soldiers will cross the border out of Iraq—with their heads held high, proud of their success, and knowing that the American people stand united in our support for our troops. That is how America’s military efforts in Iraq will end.

But this moment represents more than an accomplishment for the President. It marks a monumental change of focus for our military and a fundamental shift in the way that the our nation will engage in the world:

The United States is moving forward, from a position of strength. The long war in Iraq will come to an end by the end of this year. The transition in Afghanistan is moving forward, and our troops are finally coming home. As they do, fewer deployments and more time training will help keep our military the very best in the world. And as we welcome home our newest veterans, we’ll never stop working to give them and their families the care, the benefits, and the opportunities that they have earned.

President Barack Obama signs the “United States-Korea Free Trade Agreement Implementation Act,” in the Oval Office, Oct. 21, 2011. (Official White House Photo by Pete Souza)

This morning, President Obama signed legislation implementing three job-supporting trade agreements with Korea, Colombia, and Panama. These trade agreements will help put Americans back to work and grow America’s economy.

At the same time, the President signed legislation renewing Trade Adjustment Assistance (TAA) that helps workers who have been hurt by increased global competition. He also signed legislation to renew trade preference programs that sustain the United States’ commitment to trade and economic development that lifts up some of the world’s poorest people.

With all the stories and speculation flying around the news these days, I know it’s hard to separate fact from fiction sometimes. So let me share three quick points that I hope will help you understand why this is good news for all American workers and families.

First, these agreements will increase U.S. exports and American jobs. The Korea agreement will support an estimated 70,000 U.S. jobs and increase U.S. GDP by at least $11 billion due to increased exports of goods alone. Chances are you’ll benefit from these agreements if you work for or with anyone who makes, grows, or provides goods and services to Korea, Colombia, or Panama. These agreements make it easier and more cost-effective to sell Made-in-the-USA products to consumers in each of these countries. In turn, increased exports of U.S. goods and services will support more and better jobs for farmers, ranchers, manufacturers, service providers, workers, and businesses all across the United States. And all three agreements have groundbreaking protections for labor rights, the environment, and intellectual property, so American workers and businesses will be able to compete on a level playing field.

Second, the President worked to improve these agreements when he came into office. All three faced significant opposition from Congress. But instead of surrendering to the status quo, the President told me to get to work. With Korea, he sent me back to the negotiating table to secure additional market access for U.S. automobile manufacturers. With Colombia, he stood firm on the principle that U.S. trade agreements must reflect American values, including respect for and protection of workers’ rights. And with Panama, he made sure that we addressed key concerns related to tax transparency and labor conditions. In each case, the President held out for a better, more balanced deal.

That brings me to the third and final point: President Obama also signed today legislation that strengthens and streamlines TAA, and renews key preference programs –- the Generalized System of Preferences (GSP) and the Andean Trade Preference Act (ATPA). Both TAA and our preference programs are key elements of President Obama’s balanced approach to trade. TAA helps those workers whose jobs are displaced by trade by providing job re-training programs, lower health insurance premiums, and assistance that keeps families on their feet. And GSP and ATPA uphold our commitment to support trade and economic growth that lifts up some of the world’s poorest people while helping American businesses get inputs they need and American consumers.

It’s important to note that Congress approved these trade measures with significant support in record time. In fact, the Korea agreement received more recorded votes than any free trade agreement in history. I think that’s a good indication that the President’s principled and pragmatic leadership has created a more balanced trade policy –- one that holds the promise of open markets and a level playing field with increased U.S. exports and better American jobs for many years to come. And since President Obama has prioritized enforcement of America’s trade agreements since day one, Americans can also be assured that we’ll hold our trading partners accountable for their obligations moving forward.

President Obama’s historic action today is a big step forward on trade and jobs. We look forward to working with Congress and the American people to continue pursuing a balanced trade policy that keeps American producers competitive abroad and supports jobs for more hard-working Americans here at home.