Obama to Bypass Congress
This summer, Obama mentioned twice that he would like to circumvent Congress when it comes to pushing his agenda. Now, according to Reuters, it and the Associated Press it seems he is doing it.
“President Barack Obama this week will announce a series of actions to help the economy that will not require congressional approval,” Reuters reports, “including an initiative to make it easier for homeowners to refinance their mortgages, according to a White House official.”
It should be noted that not everything the president does needs congressional approval. But the wire service explains just what it is Obama is working to do:
The Obama administration has been working with the Federal Housing Finance Agency, the regulator for Fannie Mae and Freddie Mac, to find ways to make it easier for borrowers to switch to cheaper loans even if they have little to no equity in their homes.
The FHFA intends to loosen the terms of the two-year-old Home Affordable Refinance Program (HARP), which helps borrowers who have been making mortgage payments on time but who have not been able to refinance as their home values have dropped.
Harold
ACGR's "News with Attitude" 