President Obama proposed a new plan to allow people to refinance their mortgages Wednesday which Speaker John Boehner wasted no time in criticizing. The plan would allow those with mortgages that cost more than their home value to refinance for a lower rate, currently not an option for many with underwater mortgages. Boehner expressed immediate skepticism about the president's plan, saying, "None of these programs have worked and I don't know why anyone would think that this next idea's going to work and all they've done is delay the clearing of the market."
Lest you think either party is focusing solely on finding the right housing policy, fear not, for there's alwys an election-year political angle nearby. Witness this analysis from The New York Times' Mark Landler:
[Obama is] casting it as an alternative to those who contend that the nation’s housing market must bottom out before homeowners can expect relief. The person who made that bottoming-out argument? Mitt Romney ... In the last few weeks, speeches by Mr. Obama and Mr. Romney have become almost an exercise in point-counterpoint.
This article is from the archive of our partner The Wire.
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