The financial crisis and the recession both began when the housing bubble burst. Since then, home prices have plummeted, and today, millions of American families with little to no equity in their homes remain locked in mortgages at high interest rates. Despite staying current with payments, they can't refinance at today's historically low interest rates.
President Obama has already worked to help make sure that more responsible homeowners with mortgages backed by Freddie Mac and Fannie Mae have a chance to save money each month by allowing them to refinance their mortgages at today’s low rates.
In his State of the Union Address, President Obama called on Congress to pass a plan that would allow millions of additional homeowners with Fannie and Freddie loans, as well as those whose loans don’t happen to be backed by the government, finally access streamlined refinancing -- save $3,000 a year or more.
We've put together a short video that helps to explain the steps that President Obama has introduced to reduce the barriers to refinancing that are preventing responsible homeowners from saving money on their mortgages each month. Check it out and learn why refinancing is good for homeowners, neighborhoods and our economy.