The banks that got us into our economic mess are putting up barrier after barrier to keep homeowners from refinancing to the now much lower rates. Refinancing could help 11 million Americans stay in their homes by saving them on average $2,500 per year.
Tonight, the president announced a plan to allow for the refinancing of the mortgages of every responsible homeowner -- and many of the primary beneficiaries of this plan would be Republican voters in Tea Party districts. Shouldn't Republicans in Congress line up?
It is time that we considered deeper, more meaningful reforms that would help existing homeowners, encourage prospective buyers and spur the construction, banking and real estate industries now and in the future.
Your speech this Thursday could be one of the most important you have ever delivered. The following are my suggestions for what the speech should include in order for it to resonate with the American people.