Obama wants Congress to help homeowners

By JIM KUHNHENN,Associated Press Updated at 2012-05-11 19:52:08 +0000


RENO, Nev. (AP) — President Barack Obama is pressing Congress to help homeowners trying to avoid foreclosure, taking his economic pitch to hard-hit Nevada.

Obama wants Congress to make it easier for struggling homeowners to refinance, pointing to a proposal that would lower lending rates for millions of borrowers.

Obama didn't mention presumptive Republican presidential candidate Mitt Romney by name, but the president says Republicans want the housing market to "hit bottom and hope for the best."

Obama's plan faces a tough sell in Congress but he says there's "absolutely no reason why they can't make this happen right now."