Obama Unveils New Mortgage Relief Plan
Rules could help additional 1.6 million homeowners
By Newser Editors and Wire Services
Posted Oct 24, 2011 6:18 PM CDT
President Barack Obama waves as he boards Air Force One at Andrews Air Force Base, Md., Monday, Oct. 24, 2011.   (Cliff Owen)

(Newser) – President Barack Obama offered mortgage relief today to hundreds of thousands of Americans, his latest attempt to ease the economic and political fallout of a housing crisis that has bedeviled him as he seeks a second term. "I'm here to say that we can't wait for an increasingly dysfunctional Congress to do its job," the president declared outside a family home in Las Vegas. The new rules for federally guaranteed loans represent a recognition that measures the administration has taken so far on housing have not worked as well as expected.

Under Obama's proposal, homeowners who are still current on their mortgages would be able to refinance no matter how much their home value has dropped below what they still owe. The Federal Housing Finance Administration estimated an additional 1 million people would qualify. Moody's Analytics say the figure could be as high as 1.6 million. The Nevada stop was the first leg of a 3-day tour of Western states, blending his pitch for boosting the economy with an aggressive hunt for campaign cash.

View 2 more images

Copyright 2016 Newser, LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

More From Newser
My Take on This Story
To report an error on this story,
notify our editors.
Obama Unveils New Mortgage Relief Plan in Nevada is...
Show results without voting
You Might Like
Showing 3 of 48 comments
Oct 25, 2011 8:00 AM CDT
How many votes will Obama buy with our tax dollars? & How will America pay for this?
Oct 24, 2011 8:57 PM CDT
That's not as much a liability to the treasury as Bush and Obama have given the banks via bailouts.
Oct 24, 2011 7:40 PM CDT
And what will his plan be tomorrow. So far nothing he's done has worked to improve anything. He's useless and so are his ideas which seem to have developed into his "plan of the week" program. Don't know if anybody else will do any better but it's time to give it a try cause this guy ain't gettin' it done.