WASHINGTON (May 11, 2013)--President Barack Obama said Saturday Congress must give more homeowners the chance to refinance their mortgages to save money.
Mr. Obama said more than 2 million people are saving about $3,000 a year after restructuring their loans under his administration but that more deserve the same chance.
In his weekly radio and Internet address, Mr. Obama also called on the Senate to confirm "without delay" his choice of U.S. Rep. Mel Watt, D-N.C., to head the Federal Housing Finance Agency, which oversees government-controlled mortgage lenders Fannie Mae and Freddie Mac.
Mr. Obama said Watt helped enact rules to protect consumers from dishonest lenders.
In the Republican address, U.S. Rep Martha Roby, R-Ala., discussed legislation passed by the GOP-controlled House to give private-sector workers the right to trade overtime pay for additional time off.