WASHINGTON - President Barack Obama on Wednesday pressed lawmakers to back a $5 billion to $10 billion plan to help U.S. homeowners refinance, part of an election-year package that is unlikely to overcome Republican opposition in Congress.
Obama moved to counter Republican criticisms that the proposal would use taxpayer money to bail out irresponsible borrowers by stressing that only homeowners current on their payments could benefit. The president had sketched out the plan in his State of the Union address last week.
Nearly 11 million Americans are underwater on their mortgages, meaning they owe more than their homes are worth. Millions more have lost their homes in states that are up for grabs in November's presidential election.
The program would seek to move homeowners who have been locked out of refinancing into government-backed loans. A senior administration official said it could reach 3.5 million Americans who are not in currently in government-guaranteed loans. An additional 11 million homeowners whose loans are backed by Fannie Mae and Freddie Mac could also be eligible, the official said.
"The truth is, it will take more time than any of us would like for the housing market to recover from this crisis," Obama said at a community center in Falls Church, Virginia. "But there are actions we can take, right now, to provide some relief to folks who've been making their payments on time."
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