President Obama Calls for a Simpler Refinancing Process
04:45 PM EST
Today in Nevada, President Obama pushed Congress to cut red tape and make it simpler for responsible homeowners to refinance and take advantage of today’s historically low interest rates.
First, he sat down with Val and Paul Keller -- two homeowners from Reno. They were able to refinance their mortgage after the President made changes to the Home Affordable Refinance Program, and because of that, they're currently saving around $240 a month.
The President said that their experience is one that should be open to more Americans:
The pool of folks who can refinance right now, when their homes are underwater, is still too small. The reason the Kellers were able to refinance is because the only thing that we could do without congressional action was to give opportunities for refinancing for folks with a government-backed loan, an FHA-backed loan. But in order to expand that opportunity -- we want to include everybody; people whose mortgages aren't government-backed. And in order to do that we've got to have Congress move.
President Obama's refinancing proposal is part of his To-Do List for Congress. To learn more, and watch a video from one of his economic advisors explaining how the President's plan would help homeowners more easily refinance their mortgages, click here.