House Speaker John Boehner said Tuesday that the House leadership is considering a plan put forth by President Obama aimed at allowing homeowners to refinance their mortgages.
“We’re all concerned about the mortgage problems and the state of housing in America,” the Ohio Republican said Tuesday morning.
“The administration’s tried three or four different plans over the last couple of years, frankly none of them have worked. And I believe it’s important that if we’re really going to help housing we get our economy going again, get more people back to work and create more demand for housing around the country,” Mr. Boehner added.
Mr. Boehner’s statement follows a move by the Federal Housing Finance Agency, which announced Monday that it would allow qualified homeowners to refinance no matter how much their homes have declined in value, expanding the terms of the 2009 Home Affordable Refinance Program.
Speaking Monday in Nevada, President Obama put forth his plan, saying it would assist nearly 1 million homeowners.
“These steps I’ve highlighted today will not solve all the problems in the housing market,” Mr. Obama said. “Given the magnitude of the housing bubble and the huge inventory of unsold homes in places like Nevada, it will take time to solve these challenges.”
The changes would lift restrictions that had limited the program to fewer than 1 million homeowners, a recognition that the president’s efforts so far have helped less than had been hoped.
