President Obama on Monday responded to growing concerns about the nation’s battered housing market by unveiling a plan to help reduce the monthly mortgage payments of homeowners who owe more than their properties are worth.
As he met with distressed homeowners in Las Vegas, the foreclosure capital of the nation, Obama announced steps to allow “underwater” borrowers to refinance their mortgages at today’s ultra-low rates — near 4 percent.
The move comes amid a rapidly growing consensus that the nation’s moribund housing market is holding back the economic recovery. Home values are hovering at eight-year lows, and more than 10 million people are underwater, or owe more than their homes are worth.
“It’s a painful burden for middle-class families,” Obama said. “And it’s a drag on our economy.”
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