Administration 'can’t wait' for Congress to help homeowners

President Obama announced a plan on Monday that will give mortgage relief to hundreds of thousands of Americans, including an initiative that will make it easier for homeowners to refinance and avoid foreclosure, according to ABC News.

The actions will not require congressional approval; Obama stated, “We can’t wait” for Congress to take action on the economy.

“There are still millions of Americans who have worked hard and acted responsibly, paying their mortgage payments on time. But now that their homes are worth less than they owe on their mortgage, they can’t get refinancing,” Obama said.

The new rules, announced by the Federal Housing Finance Agency, include removing caps for “underwater” borrowers and slashing the costs of refinancing.

“If you meet certain requirements, you will have the chance to refinance at lower rates, which could save you hundreds of dollars a month, and thousands of dollars a year in mortgage payments,” Obama said.

According to ABC, the president plans in the coming weeks to publicize a series of executive actions, such as this one, intended to boost economic growth that don’t require congressional approval.

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