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Monday
Oct242011

Obama to Announce Plans for Housing, Student Loan Reform

ABC News(WASHINGTON) -- President Obama is coining a new campaign slogan for a three day Western campaign fundraising tour, along with executive action that would not need Congressional approval on some mortgage and student loan relief.

“We Can’t Wait”  is the battle cry he takes first to Las Vegas, Nevada, where Monday afternoon the embattled President intends to stand on the front porch of a home and announce that his administration will ease the rules for homeowners who want to renegotiate their federally backed mortgages. In Las Vegas, home to Senate Majority Leader Harry Reid, one in every 39 homes is in foreclosure -- the worst rate in the nation.

The president’s action, which sidesteps Congress, would “knock down these barriers which will help responsible borrowers with little or no equity in their homes take advantage of today’s low mortgage rates,” according to an administration official.  “Those will include removing caps for deeply underwater borrowers and cutting costs of refinancing” for families with federally-backed mortgages.

In Colorado on Wednesday, President Obama will announce easier rules on repayment of college loans.

On a bus tour last week, President Obama began the drumbeat of criticism for Congressional inaction, telling crowds, “The election is 13 months away.  And folks can’t afford to wait that long” for action on job creation.

But Republicans are quick to point out that Democrats in Congress also opposed his jobs bill, and the president’s expensive stimulus plan has failed to work. In an email of news clippings critical of his record, the Republican National Committee dubbed this week’s trip the “West Coast Misery Tour.”

Copyright 2011 ABC News Radio

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