It’s been evident for quite some time that the Republicans in Congress are working to assure that the US economy remains in bad shape (or worsens) for the sake of their political objectives (to regain the Whitehouse and the Senate).

That being the case, it’s equally evident that they will do everything they can to prevent any legislation that will actually help people (aside from a very small number of extremely rich people). They do not want the economy to improve in an election year because they do not want the President to be perceived in a favorable light.

Because of this, it is good news that the President will use other means to help provide relief for the average citizen.

Obama to bypass Congress on mortgages

With Republicans continuing to stall action on President Obama’s $447 billion jobs bill, the White House is taking action to help jump-start the economy with the message “We can’t wait.”

President Obama is going to begin a series of executive branch actions that will not require action from Congress – or the assent of Republicans.

With recovery in the housing market tied to economic recovery, Mr. Obama will today announce what senior officials are calling a “major overhaul” of the government’s underused refinance program for federally guaranteed mortgages, in order to aid homeowners having difficult refinancing their housing loan.

CBS MoneyWatch: More details of President’s mortgage aid plan Federal press release on changes to aid struggling homeowners (pdf)

CBS News White House correspondent Norah O’Donnell reports that for homeowners who are underwater and have been paying their bills but can’t refinance and take advantage of current low mortgage rates, the program will enable people to fix that by removing a lot of the barriers that are in place for them because of low equity in their property.

According to a senior official, the new regulations, to be implemented by the independent Federal Housing Finance Agency, will go out November 15th, and will be available for homeowners around December. There was no word on how many “underwater” homeowners might be helped by the program.

O’Donnell reports that President Obama will be in Las Vegas – which has been hard-hit by the housing crisis – to announce the initiative, on the first day of a three-day trip West.

On Wednesday the president will be in Denver, where he will announce a student loan initiative.

O’Donnell reports that Mr. Obama will be coupling his announcements with the message, “We can’t wait” to help fix the economy.

Dan Pfeiffer, the president’s communications director, told The New York Times that truly attacking the country’s economic troubles requires “bold, bipartisan action in Congress,” but that Mr. Obama “believes we cannot wait, so he will act where they won’t.”

Late Monday morning, the Federal Housing Finance Agency released details of new changes to its Home Affordable Refinance, known as HARP.

“We know that there are many homeowners who are eligible to refinance under HARP and those are the borrowers we want to reach,” said FHFA Acting Director Edward J. DeMarco in a statement.

“Building on the industry’s experience with HARP over the last two years, we have identified several changes that will make the program accessible to more borrowers with mortgages owned or guaranteed by the Enterprises. Our goal in pursuing these changes is to create refinancing opportunities for these borrowers, while reducing risk for Fannie Mae and Freddie Mac and bringing a measure of stability to housing markets.”

Fannie Mae and Freddie Mac have helped approximately 9 million families refinance into a lower cost or more sustainable mortgage product, approximately 10 percent of those via HARP. HARP is unique in that it is the only refinance program that enables borrowers who owe more than their home is worth to take advantage of low interest rates and other refinancing benefits. This program will continue to be available to borrowers with loans sold to the Enterprises on or before May 31, 2009 with current loan-t0-value (LTV) ratios above 80 percent.

The new program enhancements address several other key aspects of HARP including:

  • Eliminating certain risk-based fees for borrowers who refinance into shorter-term mortgages and lowering fees for other borrowers
  • Removing the current 125 percent LTV ceiling for fixed-rate mortgages backed by Fannie Mae and Freddie Mac
  • Waiving certain representations and warranties that lenders commit to in making loans owned or guaranteed by Fannie Mae and Freddie Mac
  • Eliminating the need for a new property appraisal where there is a reliable AVM (automated valuation model) estimate provided by the Enterprises
  • Extending the end date for HARP until Dec. 31, 2013 for loans originally sold to the Enterprises on or before May 31, 2009.

Original post on cbsnews.com

34 Responses to “Obama Circumvents GOP Obstructionism”

  1. grena hasteren says:

    i disliked this video only to make your comment less funny and hope that this comment would one day receive more thumbs up

  2. If Canadians are so disgusting why are you so obsessed with them? a simply plan; if you hate Canada so much stop obsessing about it and get on with your life.
    I know the answer thought. You need the attention and you do anything to get it. You really care about Canada or the Jews, you just like winding people up, getting attention. Make up for the attention you never got, or get now.
    Enjoy being of the problem, hater.

  3. brasselvy giaruyo says:

    PAKISTAN ARMY MADE ON DONATIONS BY AMERICA AND CHINA.

    INDIAN ARMY MADE ON THEIR ON NATIONS MONEY.

    2- PAKISTAN ARMY IS LIKE DOGS WHICH SERVE AMERICA.

    3- PAKISTAN LOST THRICE TO INDIAN ARMY 1965,1971 AND 1999.

    INDIA TOOK MORE THAN 90,000 coward PORKY SOLDIERS AS PRISONERS IN 1971 THE BIGGEST OF ITS KIND AFTER THE WORLD WARS

    4-PAKISTAN ARMY BEGS TO WORLD FOR SURVIVING.

    INDIAN ARMY BUY WEAPON RATHER THEN LICKING AMERICANS ASS FOR MERCY.

    PORKISTANIES SUCKS OBAMAS BLACK COCK.

    BOLTI BAND?

  4. Oh preving… Really? Not being attacked has to do with beefed up security and intelligence that was put in place after 9/11. Obama hasn’t done anything but carry that forward. Now I know how this idiot got voted in. He had a lot of people that were just like him.

  5. boldin barkelser says:

    We can not afford to let an inexperienced continue to learn on the job and destroy our economy and international relationships!

  6. solstradec jothildaya says:

    so now machuria is also sovereign accord to you people now? Learn up on the proper history, 2500 years of chinese historical record. Machu was only for a period a puppet state of Japan. Colonisation would mean chinese bureaucracy / values into the society which china is in no way doing in Africa. Tibet / East turkestan were always of china as early of Yuan / Tang dynasty.

  7. US is going to end up like the roman empire, good bye united states, rest of the world wont miss you

  8. bapterfard says:

    Obama tells big-money donors “I’m going to need another term to finish the job.” Sure, the patient’s not quite dead yet, right Doc?

  9. grandriege says:

    This country was founded by English speaking forefathers. Most immigrants (asian, russian, european, etc) learn to speak English. Why should we allow spanish? Why should we give in? This is the USA and if you like it, LEAVE!

  10. You have a very small mind. Obama submitted two bogus records. That is FACT. I am a family of color so just another example of how weak ass you liberals are.

  11. trusseneel topher says:

    />Automatic is not available for the us market. If you are interested in a high performance vehicle you should be fine with a manual

  12. Obamacare–huge chain that drags down our economy; I wd rather choose 2 fight it than ppl who indiv mandates in past

  13. is an America where those who have sacrificed nothing pillage and destroy the lives of those who have sacrificed greatly.

  14. mendo jabat says:

    … 2012 in NewsClips | 0 comments. Education tax credit won’t serve the majority of us It’s a baffling plan in this tough economy By Joe Onosko Paula Salvio …

  15. In case any of you are interested talking Ron Paul action figures are available for purchase. All proceeds go to to elect Ron Paul.

    ronpaulactionfigures . com

  16. rakhiani rubbett says:

    The economy is so bad, I ordered a burger at McDonalds, and the kid behind the counter asked, “Can you afford fries with that?” –

  17. nordo marvillint says:

    From Naeem Khan Fall 2012: High Time To Shine – His designs are loved by First Lady Michelle Obama, Ev…

  18. Repubs hve cried abt economy & jobs but candidates hven’t mentioned 1 thing abt either topic! Is women’s vaginas more than cntry?

  19. schermenso says:

    Smoking kills… says the package. Most people then think “other people”, but actually, it kills the environment and social economy as well

  20. That was one of the strangest days ever will smith taylor swift justin bieber michelle obama wow what it going on with my life!!

  21. Obama ad seeks to counter ‘doing fine’ criticism – Centre Daily Times: Obama ad seeks to counter ‘doing fine’ cr…

  22. We played a fundraiser for Obama last night in LA and had the to hear from some inspiring speakers. Thank you for having us

  23. vower zwan says:

    RT VIDEO: Chinese economy’s structural elements have always been effective for rapid growth but not for sustaining it
    http://twitter.com/Geralda

  24. Now that the Supreme has declared the Affordable Care Act to be constitutional, what is the impact going to be on Medicare? The answer? Not much. No cuts in your benefits. In fact, you will keep all of the benefits that you have gained because of the ACA – at least as long as Obama is President. So why are you being told your Medicare benefits are at risk? Pretty much pure politics. Apparently Republicans think older people scare easily or believe everything they hear. What are some of the things seniors are being told about Medicare and the Affordable Care Act and is it true? If you are interested in facts and not just hyperbole, read on.

  25. Tough day for Spain’s economy. They need to get their groove back. Are there any more soccer things they can win?

  26. herio svarough says:

    Tonight — my story on Obama’s War on coal will air on Hannity 9 p.m. eastern. Hope you watch! –

  27. Republican presidential hopeful Mitt Romney, who promised early in his campaign to repeal President Barack Obama’s health care overhaul, says he would keep several of the overhaul.

  28. dominholm son says:

    The Romney 47% comment will effect polls about as much as Obama’s private “clinging to guns and religion” comment – very little

  29. RUSH LIMBAUGH TODAY: “REMEMBER OBAMA’S PROMISE OF SHOVEL-READY JOBS? 90% OF STIMULUS MONEY IN WISCONSIN WENT TO PUBLI … –

  30. I feel like no matter what I go to college for, finding a job will be impossible because our economy and job market …

  31. HONOLULU (Reuters) – President Barack Obama may return to Washington from his Hawaiian holiday as early as Wednesday evening to address the unfinished “fiscal cliff” negotiations with Congress, an administration official said on Tuesday.

  32. mailinsbur poffneri says:

    I saw that. It’d be a shame if racist, Obama-lickers blue received enough spam blocks to be suspende … –

  33. calthanu vdenk says:

    Rubio to respond to SOTU address in 2 languages. Obama will deliver it in only one language, but speak out of both sides …

  34. IMF Direct Blog: Economy: Stamina Is The Name Of The Game: Is growth about to go back to 8-9 p… …

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