CONCORD -To help families struggling with their monthly home payments, President Obama today called on Congress to cut red tape and allow responsible homeowners who have paid their mortgages on time to refinance at today's lower interest rates - reducing their payments by hundreds of dollars per month. Earlier this week the President announced a "To-Do List" of common sense economic proposals for Congress to tackle before breaking for their summer recess.
New Hampshire Democratic Party Chairman Raymond Buckley released the following statement on the President's proposal:
"The president's mortgage refinancing plan would make a real difference to families nationwide and here in New Hampshire. This key piece of the President's 'To-Do List' could help families save up to $3,000 a year, reducing foreclosures, boosting the economy, and speeding the recovery of the housing market."
"In contrast, Mitt Romney said we should let the housing market 'hit the bottom' and called for rolling back laws to protect families against the mortgage abuses that helped create the financial crisis. But Mitt Romney's top economic advisor, Glenn Hubbard, is the architect of a proposal similar to a refinancing plan Congressional Democrats have already outlined, and data based on his own analysis shows that as many as 141,759 families in New Hampshire could benefit from greater access to refinancing. Mitt Romney should explain to New Hampshire families who have paid their mortgages on time why he disagrees with his top economic adviser and believes they shouldn't be able to refinance their loans. It is time for Republicans in Congress to work together with the President to enact common-sense, bipartisan measures like this proposal."