In this week’s Presidential address, President Obama spoke about keeping home owners in their homes, and he mentioned a new policy that, if passed by Democrats and Republicans in congress, will make a lot of homeowners happy.
That’s why I’m sending Congress a plan that will give every responsible homeowner the chance to save about $3,000 a year on their mortgages by refinancing at historically low rates. No more red tape. No more endless forms. And a small fee on the largest financial institutions will make sure it doesn’t add a dime to the deficit.
I want to be clear: this plan will not help folks who bought a house they couldn’t afford and then walked away from it. It won’t help folks who bought multiple houses just to turn around and sell them.
What this plan will do is help millions of responsible homeowners who make their payments every month, but who, until now, couldn’t refinance because their home values kept dropping or they got wrapped up in too much red tape.
The president urged the nation to contact their representatives and push them to approve this new policy measure.
In order to lower mortgage payments for millions of Americans, we need Congress to act. They’re the ones who have to pass this plan. And as anyone who has followed the news in the last six months can tell you, getting Congress to do anything these days is not an easy job.
That’s why I’m going to keep up the pressure on Congress to do the right thing. But I also need your help. I need your voice. I need everyone who agrees with this plan to get on the phone, send an email, tweet, pay a visit, and remind your representatives in Washington who they work for. Tell them to pass this plan. Tell them to help more families keep their homes, and more neighborhoods stay vibrant and whole.