NYT: President Obama's 'We can't wait' campaign. New rules for refinancing underwater mortgages.

[flpoljunkie]

October 23, 2011

Jobs Plan Stalled, Obama to Try New Economic Drive
By JACKIE CALMES

WASHINGTON — With his jobs plan stymied in Congress by Republican opposition, President Obama on Monday will begin a series of executive-branch actions to confront housing, education and other economic problems over the coming months, heralded by a new mantra: “We can’t wait” for lawmakers to act.

According to an administration official, Mr. Obama will kick off his new offensive in Las Vegas, ground zero of the housing bust, by promoting new rules for federally guaranteed mortgages so that more homeowners, those with little or no equity in their homes, can refinance and avert foreclosure.

And Wednesday in Denver, the official said, Mr. Obama will announce policy changes to ease college graduates’ repayment of federal loans, seeking to alleviate the financial concerns of students considering college at a time when states are raising tuition.

The president’s announcements will bookend a three-day Western trip during which he also will hold fund-raising events in the two cities — both Nevada and Colorado are election battlegrounds — as well as in Los Angeles and San Francisco.

The “We can’t wait” campaign is a new phase in Mr. Obama’s so-far unsuccessful effort — punctuated until now by his cries of “Pass this bill!” on the stump — to pressure Republicans to support the job creation package he proposed after Labor Day. It comes after unanimous votes by Senate Republicans in the past week to block the plan; House Republican leaders have refused to put the measure to a vote.

more...

http://www.nytimes.com/2011/10/24/us/politics/jobs-plan-stalled-obama-to-try-new-economic-drive.html?ref=business

[blue neen]

1. People are hanging on to their homes by their fingernails.

I hope President Obama can get these changes pushed through.

If he can't get through Congress, then he'll just have to go around them!

:dem:

[flpoljunkie]

2. It's estimated to help 1 million homeowners who are underwater current on their payments

It's a start. We can only hope the Attorney Generals' settlement with the big banks will help those who are behind on their mortgages and are facing foreclosure--and have been unable to get help through the HAMP program.

What people need is mortgage principle reductions. Sadly, that does not look very likely.

[Number23]

3. Rec'd. The news on home ownership/mortgages has been so grim the last few years

Every single step towards fixing this is needed.