President Obama’s Weekly Address: The Housing Market
President Obama used this week’s address to, once again, discuss the housing market and moves he’s advocating to strengthen homeownership for the middle class. The president’s list included a desire to get beyond what he called the “bubble-and-burst mentality” behind the crash, a move that will affect Fannie Mae and Freddy Mac:
“As home prices rise, we have to turn the page on the bubble-and-burst mentality that created this mess, and build a housing system that’s rock-solid and rewards responsibility for generations to come. We need to wind down the companies known as Fannie Mae and Freddy Mac, make sure private capital plays a bigger role in the mortgage market, and end the era of expecting a bailout after your pursuit of profit puts the whole country at risk. We need to preserve access to safe and simple mortgages like the 30-year, fixed rate mortgage. We need to keep laying down rules of the road that protect homeowners when they’re making the biggest purchase of their lives. And finally, Congress needs to confirm Mel Watt to be our nation’s top housing regulator, so that he can protect consumers and help responsible lenders provide credit.” (transcript)
Jamal Lacy, J.D., has a passion for matters of civil rights, race and the law. His commitment to equal rights and opportunity stems from a belief in community empowerment, an inspiration for his social and political commentary today. He has been a contributor to Jack and Jill Politics since 2008 and often covers President Obama’s Weekly Address. Jamal is also the creator of Operation Reach B.L.A.C.K., a site derived from a community initiative he created in college that strives for political, social, and economic empowerment.
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