Obama calls on Congress to help more homeowners

Obama calls on Congress to help more homeowners

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DENVER, CO - APRIL 03: U.S. President Barack Obama addresses gun control issues during a speech at the Denver Police Academy on April 3, 2013 in Denver, Colorado. Obama commended Colorado's newly passed gun control laws. (Photo by Doug Pensinger/Getty Images)

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Associated Press

Posted on May 11, 2013 at 11:01 AM

Updated Saturday, May 11 at 11:19 AM

WASHINGTON (AP) — President Barack Obama says Congress must give more homeowners the chance to refinance their mortgages to save money.

Obama says more than 2 million people are saving about $3,000 a year after restructuring their loans under his administration but that more deserve the same chance.

In his weekly radio and Internet address, Obama also calls on the Senate to confirm "without delay" his choice of Democratic Rep. Mel Watt to lead the Federal Housing Finance Agency, which oversees government-controlled mortgage lenders Fannie Mae and Freddie Mac.

Obama says the North Carolina congressman helped enact rules to protect consumers from dishonest lenders.

In the Republican address, Alabama Rep. Martha Roby discusses legislation passed by the GOP-controlled House to give private-sector workers the right to trade overtime pay for additional time off.

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Online:

Obama's address: www.whitehouse.gov

Republican address: www.youtube.com/HouseConference

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