Obama: I Won’t Refinance Mortgage Because As ‘President You Have To Be A Little Careful About These Transactions’
President Barack Obama said Wednesday he’d save money if he refinanced the mortgage on his Chicago home, but he hasn’t jumped on current low interest rates because “when you’re president you have to be a little careful about these transactions.”
Freddie Mac earned $5 billion from April through June, the seventh straight profitable quarter for the mortgage giant.
With a couple of simple fixes from Congress, billions of dollars could be put into the economy by allowing middle class families to refinance their mortgages and by keeping student loans at market rates.
Pressuring Congress, President Barack Obama is laying out an election year “to do” list Tuesday that urges lawmakers to take another look at economic proposals to promote job creation and help families refinance their mortgages.
Bank of America has agreed to pay $335 million to resolve allegations that its Countrywide unit engaged in a widespread pattern of discrimination against qualified African-American and Hispanic borrowers.