Obama calls on Congress to help more homeowners

Obama says more than 2 million people are saving about $3,000 a year after restructuring their loans under his administration but that more deserve the same chance.

In this Monday, May 6, 2013, photo, a home is for sale in Mt. Lebanon, Pa. A resurgent housing market, rising home values and steady job gains are helping more U.S. homeowners stay on top of their mortgage payments. The percentage of mortgage holders at least two months behind on their payments fell by 21 percent in the first three months of this year versus the same period in 2012, credit reporting agency TransUnion said Wednesday, May 8, 2013. (AP Photo/Gene J. Puskar)

WASHINGTON (AP) — President Barack Obama says Congress must give more homeowners the chance to refinance their mortgages to save money.

Obama says more than 2 million people are saving about $3,000 a year after restructuring their loans under his administration but that more deserve the same chance.

In his weekly radio and Internet address, Obama also calls on the Senate to confirm "without delay" his choice of Democratic Rep. Mel Watt to lead the Federal Housing Finance Agency, which oversees government-controlled mortgage lenders Fannie Mae and Freddie Mac.

Obama says the North Carolina congressman helped enact rules to protect consumers from dishonest lenders.

In the Republican address, Alabama Rep. Martha Roby discusses legislation passed by the GOP-controlled House to give private-sector workers the right to trade overtime pay for additional time off.

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Online:

Obama's address: www.whitehouse.gov

Republican address: www.youtube.com/HouseConference
Associated Press
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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