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The White House Blog: The President

By the Numbers: $3,000

Posted by Megan Slack on June 14, 2012 at 11:35 AM EDT

Right now, owning a home is a source of anxiety for many Americans. Millions of homeowners who are paying their bills on time but struggling could benefit from being able to refinance their mortgages at historically low rates.

President Obama has proposed a plan that will cut through the red tape that’s keeping millions of responsible homeowners from saving hundreds of dollars each month through refinancing. On average, homeowners who refinance will save $3,000 each year—that’s enough to cover about two years of electric bills for the typical family.

That savings doesn’t just help homeowners. With a little extra money each month, our friends and neighbors will be able to do more for their families. That means stronger communities and a stronger national economy. President Obama has been traveling around the country, talking to families about the benefits of refinancing, and calling on Congress to take up his proposal that will help make sure more homeowners are able to take advantage of the savings it offers.

So even if you don't own a mortgage or don't need to refinance, it's important to add your voice. So speak out beside President Obama. Tell us why you support refinancing, and we'll make sure your story resonates here in Washington and around the country.

Tell us why you support refinancing.

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President Obama Honors Israeli President Shimon Peres

Posted by Matt Compton on June 14, 2012 at 8:34 AM EDT

President Barack Obama presents the Presidential Medal of Freedom to President Shimon Peres of Israel during a ceremony and dinner in the East Room of the White House, June 13, 2012. (Official White House Photo by Pete Souza)

In a ceremony at the White House on Wednesday, President Obama awarded the Medal of Freedom to Shimon Peres, the President of Israel.

“The man, the life that we honor tonight is nothing short of extraordinary,” President Obama said.

Peres began his career in 1947, serving in the Haganah, the predecessor to the Israel Defense Force. He was elected to the Knesset at age 36. Through the course of the next half century, he twice served as Prime Minister and once as Acting Prime Minister. In 1994, he won the Nobel Peace Price with Yitzhak Rabin and Yasser Arafat.

President Bill Clinton, Secretary of State Hilary Clinton, former Secretary of State Madeleine Albright (another honoree of the Medal of Freedom in 2012), and Elie Wiesel (another winner of the Nobel Peace Prize) were among those in attendance for the presentation.

The Medal of Freedom was established by President Kennedy and is presented to those who have made "an especially meritorious contribution to the security or national interests of the United States, world peace, cultural or other significant public or private endeavors."

President Peres joins an illustrious group of world leaders -- including Margaret Thatcher, Nelson Mandela, and Vaclav Havel -- who previously been presented with the medal.

Watch.
Honoring Fathers

Posted by Joshua DuBois on June 14, 2012 at 8:31 AM EDT

Yesterday, President Obama celebrated Father’s Day a little early with four dads at Kenny’s Barbeque Smokehouse in Northeast Washington, DC. The four fathers, two active duty members of the military and two long-time local barbers from Mason’s Barbershop, talked about the rewards and challenges of fatherhood as well as the joy and anxiety fathers experience watching their children grow up.

President Barack Obama talks with four fathers participating in the new HHS "Fatherhood Buzz" campaign, as they wait for their lunch at Kenny’s BBQ Smokehouse in Washington, D.C., June 13, 2012. Joining the President, from left, are: Nurney Mason; 1st Lieutenant William Edwards of the U.S. Army; Otis Gamble; and CPT Joubert Paulino of the U.S Army. (Official White House Photo by Pete Souza)

The President talked about his support for military families along with the First Lady and Dr. Jill Biden through Joining Forces. The President also discussed “Fatherhood Buzz,” a new initiative in conjunction with the U.S. Department of Health and Human Services designed to reach out to dads with positive information through their barbers and barber shops, as part of the Administration’s longstanding Fatherhood and Mentoring Initiative. Each quarter will feature a different “buzz” topic – the topic for the first quarter is financial literacy and job training. The initiative is taking place across the country this weekend, including at Mason’s Barber Shop on H Street Northeast in Washington, DC. Nurney Mason, who joined the President for lunch today, has operated Mason’s Barber shop for over 51 years.

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Americans Speaking Out in Favor of Mortgage Relief

Posted by Matt Compton on June 13, 2012 at 4:55 PM EDT

We've been talking about President Obama’s proposal to cut through the red tape that is preventing many homeowners from refinancing their mortgages and saving hundreds of dollars each month.

And we've been listening as people from around the country share their thoughts about why mortgage relief is such a big deal.

Here's what one group of homeowners had to say:

Leah from New York: My husband and I bought our house, our family first home, with our savings and with help from our family to make the down payment, on February 18th, 2008. By September 2008, we were underwater for nearly $25,000 at a 5.75% interest rate on a fixed 30 year mortgage. We paid our mortgage every month, we've never missed a payment, and our taxes are paid in full. Our income has gone down, our mortgage on a once $215,000 home has stayed the same and our credit card debt continues to grow. There must be a way out.

Gene from Oregon: With so many people unemployed or in low paying jobs, and with this poor economic climate, it just makes good sense to let folks keep a little more money in their pockets through affordable refinancing plans instead of paying out every nickel in exorbitant monthly mortgage payments. A two or three hundred dollar monthly savings on such payments could make an incredible difference in boosting people's sense of self-worth, their self-confidence, confidence in the American way of life, as well as increasing the diversification of their spending.

Barbara from Connecticut: We are among the many who work and pay their mortgage, we are involved members of our community. We are so close to walking away from our underwater situation. It will be a loss for us, the investors in our mortgage loan and our neighborhood. Multiply this throughout the country and it's a major contributing factor to a stalled economy in the U.S.A.

Jody from Ohio: I bought a fixer-upper in 2008, one I could afford until I got laid off in 2011 and have not found my feet yet. I have to say I didn't have the best credit at the time so I did not get a great rate. I also fell down a few times trying to find my feet (no luck and a lot of bills). I still have my house and I'm up to date on the payments. But not on all of my bills. I cannot find a job, I'm older and everyone I know is saying the same thing. A few more dollars a month saved on my house payment would only help me pay all the other things I owe, on my way to learning how to live on a lot less.

These people have already spoken out in support of mortgage relief. Will you join them?
Weekly Address: Congress Must Act to Keep Our Teachers on the Job

Posted by Matt Compton on June 9, 2012 at 5:30 AM EDT

President Obama urges Congress to take action now to put our teachers back to work in classrooms, because the best predictor of individual and American success in this economy is a good education.

Transcript | Download mp4 | Download mp3
President Obama Welcomes NY Giants to the White House

Posted by Colleen Curtis on June 8, 2012 at 5:18 PM EDT

President Barack Obama welcomes the four-time Super Bowl Champion New York Giants to the South Lawn of the White House, June 8, 2012 to honor the team for their Super Bowl XLVI victory. (Official White House Photo by Pete Souza)

President Obama congratulated the NY Giants on their XLVI Super Bowl win in a ceremony on the South Lawn this afternoon. The President praised the team for its triumphant end to a difficult season, and their come from behind win of the championship game. He also made a point to note that the team, the coaches, and the owners have all been unwavering in their support of our men and women in uniform:

These guys have made it clear that no matter who you root for on Sundays, if you’re a veteran, the New York Giants are on your team. Whether it’s setting up tickets to games, or inviting folks to practices, the Giants never forget the men and women who risk everything to protect our freedom. And I especially want to thank and congratulate Coach Coughlin on receiving the Army’s Outstanding Civilian Service Award. That's a great honor.

You can read the President's full remarks here
President Obama Discusses the State of the Economy

Posted by Matt Compton on June 8, 2012 at 5:13 PM EDT

President Barack Obama delivers a statement on the economy in the James S. Brady Press Briefing Room of the White House, June 8, 2012. (Official White House Photo by Lawrence Jackson)

President Obama today took to the podium in the White House Briefing Room to discuss the state of the economy and answer a few questions from reporters.

He began by addressing the ongoing crisis in Europe -- America's largest trading partner -- and why it's an area of focus for his administration.

"If there’s less demand for our products in places like Paris or Madrid," he said, "It could mean less businesses...for manufacturers in places like Pittsburgh or Milwaukee."

The President told reporters that, while there are reasons for concern, European leaders have the capacity to solve their problems -- and they'll have the support of the United States in that effort.

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West Wing Week: 06/08/2012 or "Roll Up Our Sleeves and Never Quit"

Posted by Matt Compton on June 8, 2012 at 12:00 AM EDT

This week, the President traveled to Honeywell International in Minnesota to highlight efforts to help veterans find good paying jobs and urged Congress to support the Paycheck Fairness Act and to not let interest rates double on student loans on July 1.
President Obama Talks Income Based Repayment at UNLV

Posted by Matt Compton on June 7, 2012 at 7:30 PM EDT

President Barack Obama delivers remarks on college affordability at Cox Pavilion at the University of Las Vegas (UNLV) in Las Vegas, Nevada, June 7, 2012. (Official White House Photo by Pete Souza)

Speaking today at the University of Nevada, Las Vegas, President Obama talked about student loans -- a subject he's personally had quite a bit of experience navigating.

Through the course of their educations -- including a graduate degree for each -- both the President and the First Lady took on debt to pay for school.

"When we got married, we got poorer together," he said. "We sort of added our liabilities together."

In fact, it was 2004 before the Obamas paid off the last of their student loans.

That's not the future he wants for today's college students. And in Las Vegas, he talked about one big step he's taking to help make it easier for everyone to afford a great education:

This is a program that more people need to know about. And we’re going to start doing more advertising about this because this is really important. For those of you who are still in school, you're about to graduate, as long as you make your monthly payments on time -- all right, so pay your bills on time -- we will cap the payments you have to make on your student loans at 10 percent of your discretionary income once you graduate. 10 percent.

It's called the Income Based Repayment program. Have questions? Here's everything you need to know. As part of today's event, the President issued a memorandum to streamline the IBR process and improve information available to responsible borrowers about student loan repayment options.
We Want Your Feedback

Posted by Matt Compton on June 6, 2012 at 3:20 PM EDT

Millions of families who bought homes before the financial crisis are locked in at the high interest rates of the past. Even though they have done everything right, including making their payments on time each month, they can't refinance at today's rates, which are historically low.

That's why President Obama is urging Congress to take up his proposal to cut through the red tape that currently prevents these families from saving hundreds of dollars every month.

Making the process simpler will have an outsized effect. It will give families more money for their everyday needs, which in turn will benefit local communities and the entire economy. It won't just help those who own homes; it will help the country.

It has the potential to be a huge deal, so we want to make sure you have the facts -- and get a chance to tell us what you think.

Take a minute to watch this White House Whiteboard from Brian Deese:

Then answer a few questions that will help guide our work in the weeks ahead:

http://www.whitehouse.gov/why-refi

To be the first to get updates like this and share your input, sign up for the White House email list.