1
00:00:06,000 --> 00:00:08,533
The President:
For the past few weeks,
I've been visiting folks across
2
00:00:08,533 --> 00:00:11,233
America to talk about what
we need to do as a country
3
00:00:11,233 --> 00:00:13,433
to secure a better bargain
for the middle class.
4
00:00:13,433 --> 00:00:16,000
I've been laying out my ideas
for how we can build on the
5
00:00:16,000 --> 00:00:19,667
cornerstones of what it means
to be middle class in America.
6
00:00:19,667 --> 00:00:20,867
A good job.
7
00:00:20,867 --> 00:00:22,367
A good education.
8
00:00:22,367 --> 00:00:24,934
Affordable health care
when you get sick.
9
00:00:24,934 --> 00:00:27,567
A secure retirement
even if you're not rich.
10
00:00:27,567 --> 00:00:30,500
And the chance to
own your own home.
11
00:00:30,500 --> 00:00:33,066
This week, I went to
Arizona and California,
12
00:00:33,066 --> 00:00:36,266
two of the states hit hardest
when the housing bubble burst,
13
00:00:36,266 --> 00:00:38,300
triggering the recession.
14
00:00:38,300 --> 00:00:41,433
All across the country, millions
of responsible Americans were
15
00:00:41,433 --> 00:00:44,567
hurt badly by the reckless
actions of others.
16
00:00:44,567 --> 00:00:46,133
Home values plummeted.
17
00:00:46,133 --> 00:00:48,300
Construction workers
were laid off.
18
00:00:48,300 --> 00:00:50,800
And many families
lost their homes.
19
00:00:50,800 --> 00:00:53,065
Over the past four years, we've
worked to help millions
20
00:00:53,066 --> 00:00:55,900
of responsible homeowners
get back on their feet.
21
00:00:55,900 --> 00:00:57,967
And while we're not
where we need to be yet,
22
00:00:57,967 --> 00:01:00,433
our housing market
is beginning to heal.
23
00:01:00,433 --> 00:01:02,734
Home prices and
sales are rising.
24
00:01:02,734 --> 00:01:03,967
Construction is up.
25
00:01:03,967 --> 00:01:05,867
Foreclosures are down.
26
00:01:05,867 --> 00:01:08,000
Millions of families have come
up for air because they're
27
00:01:08,000 --> 00:01:11,400
no longer underwater
on their mortgages.
28
00:01:11,400 --> 00:01:13,900
Now we have to build
on this progress.
29
00:01:13,900 --> 00:01:16,667
Congress should give every
American the chance to refinance
30
00:01:16,667 --> 00:01:19,100
at today's low rates.
31
00:01:19,100 --> 00:01:20,967
We should help more qualified
families get a mortgage
32
00:01:20,967 --> 00:01:23,166
and buy their first home.
33
00:01:23,166 --> 00:01:25,734
We should get construction
workers back on the job
34
00:01:25,734 --> 00:01:29,065
rebuilding communities
hit hardest by the crisis.
35
00:01:29,066 --> 00:01:31,700
And we should make sure that
folks who don't want to buy
36
00:01:31,700 --> 00:01:36,533
a home have decent,
affordable places to rent.
37
00:01:36,533 --> 00:01:39,100
As home prices rise, we
have to turn the page on the
38
00:01:39,100 --> 00:01:41,899
bubble-and-bust mentality
that created this mess,
39
00:01:41,900 --> 00:01:45,133
and build a housing system
that's rock-solid and rewards
40
00:01:45,133 --> 00:01:48,467
responsibility for
generations to come.
41
00:01:48,467 --> 00:01:50,834
That means winding down the
companies known as Fannie Mae
42
00:01:50,834 --> 00:01:54,300
and Freddie Mac, making sure
private capital plays a bigger
43
00:01:54,300 --> 00:01:58,467
role in the mortgage market,
and ending the era of expecting
44
00:01:58,467 --> 00:02:01,200
a bailout after your pursuit of
profit puts the whole
45
00:02:01,200 --> 00:02:03,266
country at risk.
46
00:02:03,266 --> 00:02:05,834
We need to preserve access to
safe and simple mortgages
47
00:02:05,834 --> 00:02:08,500
like the 30-year,
fixed-rate mortgage.
48
00:02:08,500 --> 00:02:11,032
We need to keep laying down
rules of the road that protect
49
00:02:11,032 --> 00:02:13,600
homeowners when they're making
the biggest purchase
50
00:02:13,600 --> 00:02:15,266
of their lives.
51
00:02:15,266 --> 00:02:18,566
And finally, Congress needs
to confirm Mel Watt to be our
52
00:02:18,567 --> 00:02:22,066
nation's top housing regulator,
so that he can protect consumers
53
00:02:22,066 --> 00:02:26,000
and help responsible
lenders provide credit.
54
00:02:26,000 --> 00:02:28,567
No program or policy will
solve all the problems
55
00:02:28,567 --> 00:02:31,066
in a multi-trillion dollar
housing market,
56
00:02:31,066 --> 00:02:34,266
and it will take time
to fully recover.
57
00:02:34,266 --> 00:02:37,733
But if we work together, we can
make a home a source of pride
58
00:02:37,734 --> 00:02:40,166
and middle-class security again.
59
00:02:40,166 --> 00:02:43,166
And if Washington is willing to
set aside politics and focus on
60
00:02:43,166 --> 00:02:46,834
what really matters, we can
rebuild an economy where if you
61
00:02:46,834 --> 00:02:49,266
work hard, you can get ahead.
62
00:02:49,266 --> 00:02:51,466
Thanks, and have
a great weekend.
