Thursday April 9, 05:07 PM
Obama: Low rates are good news for US homeowners
WASHINGTON (AFP) - President Barack Obama on Thursday hailed historically low interest rates on US mortgages as good news for the battered housing sector at the center of the global financial meltdown.
"We are at a time where people can really take advantage of this," Obama said at the White House, flanked by homeowners who benefited from refinancing their mortgages and top economic aides.
Obama said that interest rates on popular 30-year mortgages had dipped to an all-time low of 4.78 percent, which he credited to "extraordinary actions" by the US Federal Reserve as well as his administration's housing plan.
"We are in the process of rolling out some additional phases to the program," aimed at helping homeowners in economically shaky positions, the president said.
"We are putting in place a loan-modification program, working with banks, working with services that will allow other folks who are closer to losing their home (to be) in a stronger position in the future," he said.
US Treasury Secretary Timothy Geithner and Housing and Urban Development Secretary Shaun Donovan also attended the event, which also highlighted government help to borrowers having trouble paying for their homes.
"What we want to do is to send a message that if you are having problems with your mortgage -- and even if you're not, and you just want to save some money -- you can go to makinghomeaffordable.gov" to get information on how to make the most of the low rates, said Obama.
The president also warned the US public about "scam artists" peddling fake refinancing plans, saying that anyone asking for an up-front payment was likely working a scheme to rip off homeowners.
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