State of the Union 2012: Obama on helping homeowners & preventing financial fraud

Excerpt from the State of the Union 2012 – President Barack Obama on helping homeowners and preventing financial fraud:


“There’s never been a better time to build, especially since the construction industry was one of the hardest hit when the housing bubble burst.  Of course, construction workers weren’t the only ones who were hurt.  So were millions of innocent Americans who’ve seen their home values decline.  And while government can’t fix the problem on its own, responsible homeowners shouldn’t have to sit and wait for the housing market to hit bottom to get some relief.

“And that’s why I’m sending this Congress a plan that gives every responsible homeowner the chance to save about $3,000 a year on their mortgage, by refinancing at historically low rates.  No more red tape.  No more runaround from the banks.  A small fee on the largest financial institutions will ensure that it won’t add to the deficit and will give those banks that were rescued by taxpayers a chance to repay a deficit of trust.

“Let’s never forget:  Millions of Americans who work hard and play by the rules every day deserve a government and a financial system that do the same.  It’s time to apply the same rules from top to bottom.  No bailouts, no handouts, and no copouts.  An America built to last insists on responsibility from everybody.

“We’ve all paid the price for lenders who sold mortgages to people who couldn’t afford them, and buyers who knew they couldn’t afford them.  That’s why we need smart regulations to prevent irresponsible behavior.  Rules to prevent financial fraud or toxic dumping or faulty medical devices — these don’t destroy the free market.  They make the free market work better.”

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