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March 3, 2015

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Obama calls on Congress to act on housing plan to help homeowners


Mary Altaffer / AP

President Barack Obama addresses the 67th session of the United Nations General Assembly at U.N. headquarters, Tuesday, Sept. 25, 2012.

Obama to spend time in Lake Las Vegas

KSNV reports that President Barack Obama will be spending a few days in Lake Las Vegas in preparation for the debate in October, Sept. 26.

On the eve of another visit to Nevada, ground zero for the nation’s housing crisis, President Barack Obama brought the nation’s housing market to the forefront of his weekly address.

Obama focused his address on the need for Congress to approve his housing market plan to assist “responsible homeowners” that he presented in February. The plan would allow those homeowners a chance at a lower rate, saving them about $3,000 a year.

“It’s a plan that has the support of independent, nonpartisan economists and leaders across the housing industry,” Obama said in his weekly address. “But Republicans in Congress worked to keep it from even getting to a vote. And here we are — seven months later — still waiting on Congress to act.”

Few states have been impacted more by the housing market crash than Nevada. A recent survey from RealtyTrac indicated that Nevada ranked as the fifth-worst state in the country for home foreclosures with 1 in 402 homes foreclosed upon as of August.

Obama explained that the housing market is starting to recover from the crash four years ago. He pointed to rising home prices, increased sales and home construction, and families whose homes are now worth more than their mortgages this year as signs of improvement.

But, he said, even with low mortgage rates, families need the help his plan would provide. He then called out Congress for its inaction and encouraged people to help make it a forefront issue when Congress reconvenes in November.

“The truth is, it’s going to take a while for our housing market to fully recover. But it’s going to take a lot more time — and cause a lot more hurt — if Congress keeps standing in the way,” Obama said. “If you agree with me, I hope you’ll make your voices heard.”

Obama will give a campaign speech in Las Vegas on Sunday before participating in a national debate against Republican presidential nominee Mitt Romney on Oct. 3. It will be Obama’s ninth visit to the swing state this year.

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  1. Enjoyed the article. And I hope President Obama can do something for the responsible homeowners here in Nevada. Because we did nothing wrong. We are only guilty of paying our mortgages, trying to live our lives and survive and do the right thing. But too many on Wall Street have victimized us. And what's even sadder yet, is they are still walking free, without any fear of prosecution, and they are able to do it to us again. When do the people with the least say in Government get noticed? Under Romney as President, it's a proven fact it's not going to happen. Because we are the 47 percent he wrote off a long time ago.

    Anyways, I'm laughing at some of the comments here. The usual suspects come out and savagely and relentlessly attack President Obama. But if you notice, they don't expound the least bit on Romey/Ryan and what they would do for America. Nor do the usual right wing commenters even declare they are indeed voting for Romney. It's just attack, attack, ATTACK President Obama all the time. Very easy to complain. A lot harder when you solve problems.

    You ask me, this Presidential race is shaping up the same as we saw in November 2010 between Reid/Angle. There was this unbelievable move to hate Senator Reid, hate him, hate him, HATE HIM! But no mention about what Angle would do. What happened? She got TROUNCED.

    History will repeat when stacked up to our past political history here in Nevada.

    I'm voting for President Obama.


    Because he can dance his rear end off. Watch this video.... Work it, President Obama. Yeah. Uh huh. Work it.

  2. Politics aside, everyone who has encountered a foreclosure or is close to needs time to get their money in order, their credit in order. Fixing the housing market and economy isn't just about the housing market, it's about Americans living large then realizing they had to pay for it...and they didn't have the money.

    I find it sad that President Obama is only addressing this issue before coming to a state racked with foreclosure while on his second campaign trail.

    There are so many more widespread issues with the foreclosure problems in this country, look at Detroit. They have so many areas that are vacant it's a hot bed for crime, then there are issues with coverage by an ever shrinking police force to cover desolate areas. The one or two people still holding on to the idea that a neighborhood will come back. Well...what if a neighborhood doesn't come back? What do you do about all those vacant houses? Raize them? It's a serious issue. If we expanded too much and there's no value in some of the invested properties at what point do we say, it's ok to leave this lot vacant?

    There's a bigger picture that seems to never be looked at.

    How can our president, and any future presidents redirect the American public to make better financial investments and be better with their money? How could the president show us how to do this by better managing the national debt?

  3. Far Too Little Far Too Late. Had the Banks been FORCED to work with Legitimate Homeowners the Downward Spiral of Prices the Housing Bust cased would have been far less severe. I'm talking about moving to Longer 40 Year Mortgages, Dramatic Reductions in Interest Rates (Possibly even ZERO) like the Banks get. Help for Municipalities to keep from Laying Off Public Sector Employees (In Return For Some Concessions - Only where they were Far Above Average) like Teachers, Police AND Firefighters while Property Tax Collections were declining.
    On the Stabilizing Prices - BOTH political Parties have Been a Failure - President Bush when creating TARP and President Obama for Caving to the Wall Street Banks. On the Help for Municipalities the Total Blame rests with the Republicans in Congress whose only goals are the Defeat of President Obama and the Radicalization of Abortion Policies while protecting the Wealthy.
    Now for those Underwater - If You see no hope of your housing value returning above your Mortgage - Walk Away. You are Not Responsible for this Problem. The Big Wall Street Banks along with Credit Ratings Agencies and a Deregulated Financial Industry, Created this Mess - They Were Bailed Out - So Let THEM deal with it.
    Go to a good Attorney Immediately to guide you through this process.
    Also Rent the Movie "Inside Job" for the Best Explanation of how it was done.

  4. "Few states have been impacted more by the housing market crash than Nevada. A recent survey from RealtyTrac indicated that Nevada ranked as the fifth-worst state in the country for home foreclosures with 1 in 402 homes foreclosed upon as of August."

    Obama's HAMP, etc., programs did very little more than just feed homeowners and the rest of their hard-earned money back to the same banks who were stealing their homes in the first place. Not a peep anywhere from anyone, including our own AG, about the foreclosers who will not, hiding they can not, show their bona fides. Even Masto's $57.4 million fund for 5 banks' robo-signing fraud has been diverted to a hotline to do the same instead of dealing with tens of thousands of fraudulent foreclosures. Even Horsford's apparently useless charity has its snout in this trough. Yeah, the suits are still feeding.

    "But too many on Wall Street have victimized us. And what's even sadder yet, is they are still walking free, without any fear of prosecution, and they are able to do it to us again."

    Colin -- good post. I detached from this presidential race since it's obvious the winner will be whoever spends the most and puts on the best show for the herd. In other words, as you pointed out, Wall Street will come out the only real winners again.

    "Had the Banks been FORCED to work with Legitimate Homeowners the Downward Spiral of Prices the Housing Bust cased would have been far less severe. . . . .Go to a good Attorney Immediately to guide you through this process."

    newnvres -- you're ignoring the Constitutional prohibition against impairing the obligation of contracts. The problem was more with the regulators looking the other way while rapacious corporations had their way with homeowners. Attorneys, like the other suits, are more the problem than any solution. From what I've seen and heard, local attorneys charge huge mid-five-figure retainers while doing little more than hold the homeowner's hand for a bank-bar-bench gangbang. Even our Supreme Court's excellent *Leyva* decision is actively ignored or watered down.

    "The regulators got bailed out, the middle class lose their jobs and their houses. All this desire to trust in the government to make sure that big corporations won't hurt them actually is a backfire on them." -- Rep. Ron Paul to Jon Stewart 9/26/11, citing the example of the real estate crash as example of government regulation gone bad

  5. There is a difference between what Romney/Ryan Would do when compared to what Obama HAS done... Romney has not had a chance to show America what true leadership is.

    While obama has had three years to show us he has NO Leadership skills and NO desire to solve the problems he (as a Senator and more as the golfing president) helped create.

  6. This seems to be polictical speak, kind of like the Vet's job bill, Obama trying to send a message like he really cares. I really think with the stroke of a pen he could force banks, or at least FHA, VA and Fannie/Freddie mortgages to re set the rate on borrowers that are less than 90 days past due to curent rates without any more paperwork than a rate modification letter. A problem does exisist where the loans have been sold and the note owners thought they were to get a set rate for a set period of time, or bonds have been sold by Fannie, Freddie etc at a rate equal to the mortgages, and a lower note rate would decrease the value of the note so how to do this with no cost to the taxpayers and a break for those who have paid faithfully. If someone did not want thier rate reset they could say no to the offer. Given the behind the scene tatics Obama has pulled it makes no sense why he has not already done this. Maybe becuase he really can't lead or do anything on his own. This is why I could never vote for him.

  7. So many tragically funny comments posted here.

    Clearly, there is a gap in knowledge of the three branches of government, especially the role and responsibility of Congress.

    Secondly, some of the fault for our economy is squarely on the backs of the public.

    When did people ever get the idea that they could live with little or no savings?

    Granted, the housing market went south. However, how many people let the brains drain when buying homes that exceeded their capability to pay for when bad times come, which they do in our system of capitalism? We have cyclical markets.

    How many people bought wishes instead of common sense?

    How many people took out ARM loans? How many people took 30 fixed loans, but paid them down in 15-20 years because they knew another hard time would come?

    Appetites and realities are two different things. Many people fell prey to the marketers and the predators with little or no effort to understand what they were getting into.

    Now, people can blame Bush or Obama for the housing market collapse, but ignore personal responsibility for the choices they made.

    Now, the clamoring for the fix by Obama, without concern for the obstructionist Congress on not only housing but financial institutions as well.

    It is Congress ball and they have called a delay in the game until they get what they want, control of all three branches, so they can dictate to the entire nation from the far right.

    There is no excuse for not using your brain, in the housing market or the election. Romney has proven through his business experience and campaign statements the he would just let people go bankrupt.

    Obama has made efforts to give help to people, with some success. More would have been achieved if he had a workable Congress.

  8. The people who took ARM loans are paying a very low rate for the last few years.

  9. Insincere vote buying. Election time pandering.

  10. USA today graphics on who wins with which candiate.
    It is spot on 47% comment :)

  11. Thanks, kepi. The road goes on forever and the party never ends.

  12. Has Obama found the person who leaked sensitive national security information to the press yet?

  13. Now is NOT the time to act on housing--that should have been done 3 years ago. Now, let housing find it's own level. To do so, anyone doing the owner-occupied thing but unable to afford and maintain will have to move it on out. The market has hit bottom and is creeping up, even in Vegas. If we prop up those who couldn't afford the house they are in, we keep the market bouncing along the bottom for an eternity. Let's turn it around. What we need NOW is incentives to hire workers with a proven track record--get the long-term unemployed back to work so they can be productive again. Less emphasis on those who never have and never will be productive.