Obama Pushes Mortgage Overhaul

Obama Pushes Mortgage Overhaul

POSTED: Wednesday, August 7, 2013 - 6:00am

UPDATED: Wednesday, August 7, 2013 - 8:07am

President presents plan to help families refinance while dismantling Fannie Mae and Freddie Mac.

(NBC News) More help could be on the way for struggling homeowners and potential home buyers.

President Obama presented new plans for jump-starting the housing market during a visit to Phoenix, Arizona on Tuesday.

"We've cleared away the rubble from the financial crisis, we're starting to lay the foundation for more durable more stable economic growth," the president said.

When he visited the region more than four years ago to talk about the housing crisis
Phoenix was facing massive foreclosures and home prices that ultimately dropped by 60 percent.

Today the market is rebounding.

Mr. Obama wants to expand a federal refinancing program to individuals who don't have federally backed mortgages and ease the requirements for loan qualification for home buyers.

The president is also proposing the dismantling of mortgage giants Fannie Mae and Freddie Mac, instead, relying on the private sector to guarantee a majority of loans.

Read more: http://nbcnews.to/16xTPH5

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