WASHINGTON — President Obama on Monday renewed his call for Congress to pass legislation that would allow more Americans to refinance their mortgages.
During a White House news conference, the president was asked what his administration will be doing in the next couple of months to spur economic growth.
"I would love to say that when Congress comes back - they've got a week or 10 days before they go out and start campaigning again — that we're going to see a flurry of action. I can't guarantee that," Obama responded.
"We're going to be pushing Congress to see if they can pass a refinancing bill that puts $3,000 into the pockets of the average family who hasn't yet refinanced their mortgage. That's a big deal," he added.
Obama said that with historically low interest rates, and with many families owing more than the value of their homes, it makes sense to ease access to refinancing.
Three different refinancing bills are under consideration by the Senate Banking Committee, but Republicans and Democrats have so far been unable to reach an agreement to proceed on any of the measures.
Even if the Senate manage to pass refinancing legislation, it appears unlikely to pass the Republican-controlled House before the legislative clock expires at the end of the year.
