Mark Wilson/Getty Images
U. S. President Barack Obama, speaks during the White House Conference on Conservation , at the Department of the Interior, on March 2, 2012 in Washington, DC
In his first press conference of the year, President Barack Obama addressed the housing crisis facing millions of American homeowners.
His proposal is to allow those with mortgages insured by the Federal Housing Administration to refinance at lower rates, saving the average American about $1,000 per year. He also is putting forth provisions for lenders to compensate service members and veterans who suffered through wrongful foreclosures during the crisis. During his press conference, Obama also touched on the issue of the GOP candidates who were calling on going to war with Iran over the issue of nuclear weapons.
Why has Obama waited this long to do a full press conference? What chance does his proposal have in getting signed into law? Does his plan go far enough? Too far? How will the GOP react to all this?
Doyle McManus, Washington Columnist, covering national and international politics,
David Mark, Senior Editor, Politico