With Republicans continuing to stall action on President Obama's $447 billion jobs bill, the White House is taking action to help jump-start the economy with the message "We can't wait."
President Obama is going to begin a series of executive branch actions that will not require action from Congress - or the assent of Republicans.
With recovery in the housing market tied to economic recovery, Mr. Obama will today announce what senior officials are calling a "major overhaul" of the government's underused refinance program for federally guaranteed mortgages, in order to aid homeowners having difficult refinancing their housing loan.
CBS News White House correspondent Norah O'Donnell reports that for homeowners who are underwater and have been paying their bills but can't refinance and take advantage of current low mortgage rates, the program will enable people to fix that by removing a lot of the barriers that are in place for them because of low equity in their property.
According to a senior official, the new regulations will go out November 15th, and will be available for homeowners around December.
O'Donnell reports that President Obama will be in Las Vegas - which has been hard-hit by the housing crisis - to announce the initiative, on the first day of a three-day trip West.
On Wednesday the president will be in Denver, where he will announce a student loan initiative.
O'Donnell reports that Mr. Obama will be coupling his announcements with the message, "We can't wait" to help fix the economy.
Dan Pfeiffer, the president's communications director, told The New York Times that truly attacking the country's economic troubles requires "bold, bipartisan action in Congress," but that Mr. Obama "believes we cannot wait, so he will act where they won't."
Source: http://feeds.cbsnews.com/~r/CBSNewsMain/~3/QlV5pre5KMM/
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