VIDEO: President Obama Delivers Remarks on the Housing Settlement
Moments ago, President Obama delivered remarks to the media on how the housing bubble triggered “the worst economic crisis of our lifetime.”
With the help of Democratic and Republican attorney generals from nearly every state in the country, President Obama announced that they are making a major step on their own.
He insists that they want to do everything they can to help homeowners and the economy, saying, “We have reached a landmark settlement with the nation’s largest banks that will speed relief to the hardest hit homeowners and some of the most abusive practices of the mortgage industry.”
Obama stated that under the terms of this settlement America’s banks will be required to put billions of dollars towards relief for families across the nation. “They will provide refinancing for borrowers that are stuck in high interest rate mortgages, they’ll reduce loans for families who owe more on their homes then their worth and they will deliver some measure of justice for families who have already been victims of abusive practices.”