LoginPresident Obama used his weekly radio address to urge Congress to strengthen reforms that would make refinancing easier for all homeowners.
"We've got more responsible homeowners to help: folks who have never missed a mortgage payment, but aren't allowed to refinance; working families who have done everything right, but still owe more on their homes than they're worth," said the president, reports The Wall Street Journal.
The president also noted in his remarks that 2 million Americans have saved $3,000 a month through federal refinancing reforms made under his administration, and that expanding these benefits to a larger pool of homeowners who are upside down on their mortgage but not behind in their payments would be like a $3,000 tax cut.
In their response, Republicans touted their support of the Working Family Flexibility Act of 2013. The law would allow private employers to offer their workers flex time as compensation overtime hours, instead of traditional time-and-a-half payments. This is similar to an arrangement already in place for government workers.
Supporters of the legislation say that it will allow working parents greater ability to schedule time with their families. Opponents argue that the law just provides a convenient loophole to allow companies not to pay overtime that working families depend on.