US president Obama weekly address

U.S. President Barack Obama delivered his weekly address Saturday, discussing what the country needs to do to secure a better bargain for the middle class. Obama discussed his recent travels to Arizona and California – two states that saw some of the worst of the Great Recession – and how he has laid out his ideas and actions to strengthen the middle class over his time in office. “Over the past four years, we’ve worked to help millions of responsible homeowners get back on their feet,” Obama said.  “And while we’re not where we need to be yet, our housing market is beginning to heal.  Home prices and sales are rising. Construction is up.  Foreclosures are down.  Millions of families have come up for air because they’re no longer underwater on their mortgages.” “Now we have to build on this progress.  Congress should give every American the chance to refinance at today’s low rates.  We should help more qualified families get a mortgage and buy their first home.  We should get construction workers back on the job rebuilding communities hit hardest by the crisis.  And we should make sure that folks who don’t want to buy a home have decent, affordable places to rent,” the president said. According to Obama, the United States needs to build a housing system that’s solid and rewards responsibility.  He also said there is a need “to wind down mortgage lenders Fannie Mae and Freddie 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 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,” Obama said. “No program or policy will solve all the problems in a multi-trillion dollar housing market, and it will take time to fully recover.  But if we work together, we can make a home a source of pride and middle-class security again.  And if Washington is willing to set aside politics and focus on what really matters, we can rebuild an economy where if you work hard, you can get ahead,” Obama said.