Industry leaders support Obama's refinancing plan

The National Association of Realtors recently commended President Obama for his latest initiative to help struggling homeowners take advantage of historically low interest rates by refinancing their home loans.

"As the nation's leading advocate for homeownership and housing issues, NAR knows that stabilizing the housing market is key to the health of our economy and communities across the country," said Moe Veissi, president of the NAR.

The NAR is eager to work with Congress and policymakers to help implement Obama's plan and reduce monthly mortgage payments for borrowers. By removing financial barriers holding back many refinancings, lenders and industry leaders hope to help millions of homeowners avoid foreclosure.

The National Association of Home Builders has also shown its support for Obama's refinancing program. Bob Nielsen, chairman of the NAHB, applauds the president for putting the housing recovery at the forefront of economic issues. The NAHB is urging all policymakers to end the tight lending restrictions prohibiting many homeowners from refinancing or obtaining a mortgage, so that more home builders can get to work to rebuild the fallen housing market.

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