Obama pitches mortgage overhaul as housing rallies

PHOENIX — President Barack Obama says taxpayers can no longer be on the hook for bad decisions by mortgage lenders.

Obama says owning a home is supposed to fulfill the American principle that hard work and responsibility pay off. He says recklessness by lenders and buyers triggered a housing collapse, and the market is still healing.

Obama says it’s time to overhaul the mortgage finance system to help more Americans afford homes with less risk to the government. He’s proposing to shutter government-backed Fannie Mae and Freddie Mac and give private capital a bigger role in mortgage lending. He’s also pushing to expand refinancing for current homeowners and increase access to affordable rental housing.

Obama is speaking in Phoenix, which was hard hit by the housing crisis but has recently rebounded.

More in Herald Business Journal

Peoples, HomeStreet banks bump lowest salaries after tax cut

The banks with Snohomish County branches will raise minimum salaries for employees to $15 an hour.

Electroimpact cuts Mukilteo staff by 9 percent

“What we’re missing now is a monster anchor project,” the company’s VP said.

Exotic animals find compassionate care in Bothell (video)

At the Center for Bird and Exotic Animal Medicine, vets treat snakes, hedgehogs and even kangaroos.

How can you tell if you are getting good financial advice?

Assume that it’s still the same buyer-beware market that has always existed.

Amanda Strong (left) tries on an Angel of the Winds Arena hat as she and Courtney Brown hand out gift bags after the renaming ceremony Dec. 13 in Everett. The new name replaces the Xfinity name. (Andy Bronson / Her file)
Angel of the Winds to break ground on $60M casino expansion

“We think we’re on the cusp of becoming a major resort.”

In this Dec. 20, 2017, photo, a clerk reaches to a shelf to pick an item for a customer order at the Amazon Prime warehouse, in New York. (AP Photo/Mark Lennihan, File)
Amazon’s potential HQ2 sites leaves many cities disappointed

And yet, some municipal leaders are looking at the bright side of being rejected.

How do you retrieve an errant Boeing 737 from a muddy slope?

Turkish authorities used cranes to lift a plane that skidded off a runway.

Don’t take economic forecasts to the bank — or the casino

Air travel delays could spur a rebirth of passenger rail service.

Emirates orders 20 more Airbus A380 jumbos, saving program

The Dubai carrier also has options to buy 16 more. The program seems safe until 2029.

Most Read