President Obama's Weekly Address - August 10, 2013
A Better Bargain for Responsible, Middle Class Homeowners
"Over the past four years, we’ve worked to help millions of responsible homeowners get back on their feet. And while we’re not where we need to be yet, our housing market is beginning to heal. Home prices and sales are rising. Construction is up. Foreclosures are down. Millions of families have come up for air because they’re no longer underwater on their mortgages.
Now we have to build on this progress. Congress should give every American the chance to refinance at today’s low rates. We should help more qualified families get a mortgage and buy their first home. We should get construction workers back on the job rebuilding communities hit hardest by the crisis. And we should make sure that folks who don’t want to buy a home have decent, affordable places to rent.
...We need to wind down the companies known as Fannie Mae and Freddie Mac, make sure private capital plays a bigger role in the mortgage market, and end the era of expecting a bailout after your pursuit of profit puts the whole country at risk."