More housing help to be unveiled at news conference
March 6th, 2012
09:30 AM ET

More housing help to be unveiled at news conference

WASHINGTON (CNN) –With the U.S. housing market still struggling to recover, President Obama is hoping to provide some relief for those in the military, veterans and homeowners with government insured loans.

The announcement, expected to come at the president’s 1:15pm news conference Tuesday in the White House briefing room, aims to reduce fees for borrowers with FHA loans who are trying to refinance at lower rates, saving about $1000 a year.

In addition, the president is expected to announce an agreement with lenders that will compensate those in the military and veterans who have been “wrongfully” charged higher interest rates and “wrongfully” foreclosed upon, according to information provided by a White House official.

“This is part of the president’s overall strategy to support responsible homeowners and the housing recovery,” the statement said.

Topics: Housing • Military • Military Families

« Previous entry
soundoff (21 Responses)
  1. Dominicant mumu 4 NObama

    Let me guess...trying to buy more votes with taxpayer money???

    March 6, 2012 at 10:24 am |
  2. george of the jungle

    well while the candidates bash each other the president keeps trying to improve the economy. Good job . New numbers today. more job creation unemployment down again. Obama 2012

    March 6, 2012 at 11:33 am |
    • Lizzie

      Numbers don't come out till friday, or do you work already.

      March 6, 2012 at 2:34 pm |
    • John

      For every job that the private sector created under George W. Bush, the private sector eliminated 17.3 jobs under Barack Obama. While the private sector job outlook has certainly improved, the economy still must create 3.25 million private sector jobs to break even. Until then, it is disingenuous for the left to claim that President Obama’s economic policies are a resounding success.

      March 6, 2012 at 2:35 pm |
      • Dixon-Wright

        It doesn't take a rocket scientist to understand that these jobs were not lost as a result of President Obama's policies, but would have been lost no matter who was in office starting in 2009 as part of a free-fall beginning before the 2008 elections. President Obama is to be credited for putting a stop to it and beginning what has been a slow but steady recovery. Projecting blame upon democrats for republican failings is nothing new. Really tired of hearing it though.

        March 6, 2012 at 3:12 pm |
    • Steveo

      As I mentioned to you previously, the in house bashing ends as soon as a nominee is named. At that time full attention will then be turned onto the president! That's when the fireworks start! Agian, the very same thing (in house bashing ) happened in the Dem party in 2008!

      March 6, 2012 at 2:40 pm |
  3. zaks5thave

    As of 12:18 ET the DOW is down over 200 points.. Noobama2012.

    March 6, 2012 at 1:01 pm |
  4. Pamela in Florida

    Thank you, President Obama. Actual Solutions instead of blaming and avoiding questions. The GOP race is a four-ring circus act with clowns center stage, and the GOP House and Senate is only interested in two things: padding their pockets and getting re-elected. They care nothing about American men and women or children once they've come out of the womb.

    March 6, 2012 at 1:06 pm |
  5. Lefty

    Now or soon is the time to buy, lower prices, lower interest. It'll be a buyers market for the next couple of years.

    March 6, 2012 at 1:29 pm |
  6. NJ Mike

    Unless of course you are paying your mortgage, and have been. Then the preseident will do nothing for you since you are a producer and he prefers leeches.
    And lefty? Better have %30 down, or you ain't getting written. And when the foreclosure backlog clears, then watch for another price drop.......
    Are you leftists all so dumb? Silly question, of course you all are...........

    March 6, 2012 at 1:44 pm |
    • Lefty

      That's the point NJ MIke, I AM dumb. I follow Obama like sheep follow their shepard. I hammer the kool-aid 24/7 and never miss MSNBC. My gospel is the Daily Kos and the NYT. I admit it all freely, of course I also believe in unicorns, live in a section 8 house, collect welfare, foodstamps and my govt cell phone. I'm in it for the freebees and the Dems always give me plenty while you toil to pay for it!!

      March 6, 2012 at 1:50 pm |
      • Lizzie

        And did you not graduate from an Ivy League school?

        March 6, 2012 at 2:35 pm |
      • Joey

        Let me guess, you're just a "victim" of an unfair society and you want "social justice". In reality, you're a free loading bum.

        March 6, 2012 at 4:08 pm |
      • Steveo


        I believe Lefty is being sarcastic, hence the unicorn, Daily Kos, kool-aid, and sheep statements.

        March 6, 2012 at 4:16 pm |
    • C-Lo

      Actually Mike, there are some holes with your statement. You will not need 30% down to get written, only 3.5% or so–as long as it's a gov't backed FHA loan. It is near impossible to get any type of private mortgage insurance (MGIC, Radian, PMI, etc). More back ended gov't strangling of the free/open markets and power grabbing. This to me is a much more frightening fact.

      This go-around is actually focused on the correct group of homeowners, but it's a day late and a dollar (or a few millions dollars) short and smacks of campaigning. What I mean by this is that it is (hypothetically) for responsible homeowners who are current, but cannot refi their existing FHA loans because of values. This is the group that should have been helped 2 years ago, rather than those in forclosure procedings already–as many of them ended up foreclosed on later anyway.

      The only thing that is going to stablize home prices is getting people back to work, and that is not happening right now. The dropping of the unemployment rate is due as much to the 99ers running out of their long term unemployment benefits (on which "official" unemployment rates are determined) as it has to do with actual job creation.

      March 6, 2012 at 3:03 pm |
      • Steveo

        Long time, no hear! Welcome back, C-Lo!

        March 6, 2012 at 3:07 pm |
      • C-Lo

        Thanks, it's just for a brief stay. I'll have to say I was surprised at Trace's venomous attacks in the contraception controversy article. By the way, my answer to Trace/Jean on that one is:

        Why are you comparing the pill to viagra? It is more appropriate to compare it to condoms, as V is medically necessary for some men to "perform" and due to a medical need. If you want to go down the line of it is a medical need for SOME women due to a variety of health issues, that's fine, I agree. There are ways to address that in the medical billing–when it is directly necessary for the safety or health of the person. That does not mean that it should be covered 100% for all women, unless you want to provide 100% coverage for condoms as well–which would be a better idea because they prevent pregnancy AND STD's. What a concept!

        March 6, 2012 at 3:34 pm |
      • Steveo

        Yeah, it was a bit strange at first, but it is all good! Can't take any of this personal!

        March 6, 2012 at 3:47 pm |
  7. ron

    Obama only wants to help certain groups with the housing market. the vets ,and gov loan people ,why not everyone? reason he wants the votes of those groups. he knows everyone isnt gonna vote for him. he only does anything that he thinks helps hes re election. now Obama how about everyone , jobs,economy, lower gas, lower taxes for small business , and everyone, stop spending an wasting tax dollars. take your mandated government control (communism,socialist) away from us. mandated hc,bill will cost us middle class a hugh bundle and its coming soon. vote him out hes the worse president weve ever had,nearly four failed years . hes hope and change ,hope for a job,no change left in our pockets.

    March 6, 2012 at 5:46 pm |
  8. ron

    Obama promised to do all of these great things if elected.and the voters were fooled,ignoring his anti american past ,friends ,family,and job experience . Obama has never had a real job. never grew up the standard american way. his father was a muslim,his mother and her parents were communist. he admitted he hung with foreign exchange students and far left socialist professors in college.saying he was more comfortable with them. had a very good education most here never get. hes friends ,rev wright, ect ,all anti americans. share the wealth,means take from hard working americans give to others,he picks. vote him out nov dont be fooled again

    March 6, 2012 at 6:09 pm |
  9. jerry

    another obama mess...the last obama efforts(mortage programs) resulted in a huge mess and did nothing. This guy is an idiot...but he talks a good used car salesman. jobs jobs jobs...and obama has done nothing but pour tax dollars down the drain there too...all those phony green jobs and now bankruptacies...and the mess goes on. We need real qualified adult leadership.

    March 6, 2012 at 7:18 pm |