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Obama Reveals Plan to Repair Housing Crisis in Front of Falls Church Crowd

Plan would save 'responsible' American families $3,000 a year.

President Barack Obama spoke to hundreds of Northern Virginia residents Wednesday in Falls Church about his plan to revitalize the current housing market.

He said the housing crisis has been the biggest drag against getting the United States out of a recession. He said people were purchasing homes they could not afford and went into foreclosure while some homeowners went into debt refinancing their homes.

“We need to do everything we can to make responsible families whole again,” Obama said to the large group inside the . “The truth is it’s going to take longer for us to get out of this housing crisis and the government can’t do it alone.”

Obama rolled out a proposal to the Falls Church crowd that drew roaring applause. His proposal would allow homeowners to obtain privately held mortgages at record low rates. Obama said his proposal would allow families to save about $3,000 annually, which could go toward putting equity into a home or money in people’s pockets. He said he wants mortgage applications to be condensed to one page and wants to rid the applications of legal jargon some people may not understand in order to simplify the process. Obama also revealed that he has created a task force that will investigate the risks banks take on packaging mortgages for potential homeowners.

With about 10 million homeowners nationally who owe more mortgage on their homes than the worth of it, Obama said the government would need the help of individuals to bring the country out of the housing crisis. He said people, much like banks, need to be held accountable and accept responsibility for their roles. He said some people go into debt buying homes they can’t afford and banks package mortgages that prey on those people.

“Buying a home is the most important purchase a family makes,” Obama said. “The potential for abuse is too great.”

While part of the crowd chanted “Four more years,” at the conclusion of Obama’s speech, Nettie Harris praised the president for his approach to repairing the housing crisis. Harris, 78, of Falls Church, said she has owned her home for about four years, but has lived in the area all of her life. She said the president is right that some people are living beyond their means.

“Some people bought homes they thought they could afford and then the market fell out,” Harris said.

Herman Smith, also of Falls Church, has owned his barbershop since 1986 and has owned his home since 1978. He said the president’s speech was on point and correct. He said people need help getting on their feet in some cases but in order for Obama’s plan to work, the president will need some help.

“He’s going to have to have some help from Congress,” Smith said.

Obama said he will definitely need help from Congress, but promised the packed room that he would do all he could do. He said no program or policy alone will help the housing crisis, but an effort will be made.

“Americans making a down payment on their dream shouldn’t be frightened by pages of fine print,” Obama said.

barb cram February 01, 2012 at 06:31 PM
Where can people get details about this proposal.. or is it just in the idea stage?
Joe Sloan February 01, 2012 at 11:53 PM
barb...he's campaigning...no substance...just words.
Sandra Gott February 02, 2012 at 05:32 PM
No detail or plan, just words to det up Congress and make them look like they are the problem, and of course more campaigning.
Vincent oziegbe February 03, 2012 at 04:19 AM
Everybody need to get around him for his plan to succeed.it is quite difficult when u got ppl in the congress who r hell bent to see every programms propose by this president fail.
Fred Van Doren February 03, 2012 at 03:26 PM
One party wants deregulation and the other party just stole it's talking points. This is what you get when you have an intellectual, pragmatic and compassionate president. I felt the same way about Reagen, who today, would have to run as a democrat.
Dave Phelps February 06, 2012 at 08:27 PM
Give a speech, fix a problem. That's Obama.
bill February 28, 2012 at 02:38 PM
He had two years with a Dem controlled congress and he couldn't accomplish anything. And, people say that we need to give him a chance. I'm sick of hearing it. Let someone who knows what they're doing get the job done. Almost anyone is better than he is.
Mike James February 28, 2012 at 03:41 PM
Obama's record: 3,000,000 new private sector jobs. Less government, we have 35,000 less nonmilitary employees under President Obama than we had 30 years ago under Reagan. $2 trillion dollars in deficient reduction. 350% increase in oil production. Health care reform which is already saving the taxpayers billions of dollars. Wall street reform with wall street now trading towards it's record high. Saved the auto industry which has created a thousands of new jobs. Three new trade agreements bringing American manufacturing jobs back to America and has put forward sanctions against China for it's currency manipulation. Repealed ”Don’t ask don’t tell” giving people equal rights. Killed Osama Bin laden and toppled Gadhafi without an American casualty. Unified the world against Iran and has the Arab league watching Syria. No tax dollars spent on the BP oil spill with a 20 billion dollar agreement by BP to take care of their mess. More deportations per year and hired more border patrol agents then Bush. Fewer regulations then Bush. Ended war in Iraq and is winding down the war in Afghanistan. Reduced military spending by 500 billion dollars. Increased veterans benefits every year Saved the world from global financial collapse and he quit smoking.. What did you do in the last three years at your job?

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