DETROIT (Reuters) - Tackling the housing market’s woes is a “high priority” for President Barack Obama, a White House official said on Monday, but the aide would not say whether housing-related measures would be in Obama’s jobs speech later this week.
“There is no question that there are far too many working families who are concerned about the challenge of affording their mortgage payment every month,” White House spokesman Josh Earnest told reporters accompanying Obama to Detroit for a Labor Day holiday speech.
Earnest said whether or not that is in Obama’s Thursday speech before a joint session of Congress, “it’s something that’s a high priority for this administration.”
Sources close to the White House told Reuters that the White House is considering an initiative that would make it easier for struggling homeowners to refinance their mortgages and take advantage of current low interest rates.
Those sources said Obama is likely to give a nod to this in his speech on Thursday in which he will lay out proposals for creating jobs and shoring up an economy in danger of sliding into another recession.
Reporting by Caren Bohan; editing by Matt Spetalnick and Mohammad Zargham