Obama Touts Housing Recovery In Weekly Address

President Obama urges Congress to act to build on the momentum we are seeing in the housing market by helping responsible homeowners refinance, saving $3000 a year.

"I just wish it didn't require an act of Congress. But it does," said President Obama in his weekly address. "So, back in February, I sent Congress a plan to give every responsible homeowner the chance to save about $3,000 a year on their mortgage by refinancing at historically low rates. That's the equivalent of a $3,000 tax cut.

It's a plan that we know will work. It has the support of independent, nonpartisan economists and leaders across the housing industry. It's a no-brainer that should have passed easily.

But Republicans in Congress banded together and kept this plan from even coming to a vote.

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