2009 address to joint session of Congress: on Welfare & Poverty


Barack Obama: Help refinancing for homeowners facing foreclosure

We will help responsible families facing the threat of foreclosure lower their monthly payments & refinance their mortgages. It's a plan that won't help speculators or that neighbor down the street who bought a house he could never hope to afford, but it will help millions of struggling Americans, who will now be able to take advantage of the lower interest rates that this plan has already helped to bring about. In fact, the average family who refinances can save nearly $2,000 per year on their mortgage.
Source: 2009 State of the Union address Feb 24, 2009

Barack Obama: FactCheck: Cannot limit refinancing to responsible borrowers

Obama said his plan to help struggling homeowners would aid "responsible" borrowers. Obama said, "We have launched a housing plan that will help responsible families facing the threat of foreclosure lower their monthly payments and refinance their mortgages. It's a plan that won't help speculators or that neighbor down the street who bought a house he could never hope to afford."

But even the program's defenders concede that it can't possibly distinguish between "responsible" borrowers and those who foolishly (or fraudulently) signed up for mortgages beyond their means.

The chair of the FDIC, also said there was no easy way to vet homeowners. "I think it's just simply impractical to try to do a forensic analysis of each and every one of these delinquent loans," she told NPR, adding that it's in the "collective economic interest" to not have more foreclosed homes on the market.

Source: FactCheck.org on 2009 State of the Union address Feb 24, 2009

  • The above quotations are from 2009 address to a joint session of Congress, plus the Republican Response: Feb. 24, 2009.
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Page last updated: Feb 24, 2019