President Obama Promises Homeowners Relief to the Tune of $3,000/Year
It’s time to “…give those banks that were rescued by taxpayers a chance to repay a deficit of trust.”
If you didn’t watch Obama’s 2012 State of the Union Address it was powerful. By the end of the address, Obama had the majority of the Republican party giving a standing ovation—I think that says a lot. It even had this hybrid Democrat/Republican feeling like I should be paying more taxes…ouch.
As it pertains to the real estate industry here in Hawaii, I’d like to share an excerpt from Obama speaking on the housing crisis:
“…millions of innocent Americans who’ve seen their home values decline. And while government can’t fix the problem on its own, responsible homeowners shouldn’t have to sit and wait for the housing market to hit bottom to get some relief.
And that’s why I’m sending this Congress a plan that gives every responsible homeowner the chance to save about $3,000 a year on their mortgage, by refinancing at historically low rates. No more red tape. No more runaround from the banks. A small fee on the largest financial institutions will ensure that it won’t add to the deficit and will give those banks that were rescued by taxpayers a chance to repay a deficit of trust.”
Decoding what Obama is Saying?
- Does this mean the cost of the refi will fall on the banks, not the government or the homeowners?
- How much easier will this make it for homeowners to refinance?
If you have any insight, or thoughts, please comment below. Personally, I agree with Obama that the banks owe the taxpayers for bailing them out—and the time to repay the favor is now.