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Obama to Propose New Housing Loan Program Obama to Propose New Housing Loan Program

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Obama to Propose New Housing Loan Program


President Barack Obama speaks in the Rose Garden of the White House in Washington, Thursday, Oct. 20,2011, to discuss the death of Libyan leader Moammar Gadhafi.  (AP Photo/Charles Dharapak)(Charles Dharapak/AP)

In a visit to Las Vegas on Monday, President Obama will unveil a plan to allow homeowners to switch to cheaper loans even if they have no equity on their current homes. Nevada is the state with the highest foreclosure rates.

It is part of a series of proposals Obama can implement without the approval of Congress, a plan B as the Senate continues to block the provisions in his jobs bill. According to Reuters, the administration has been working on the plan with the Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac.


Obama also plans to unveil a new student loan program in Denver, Colo., on Wednesday. But audiences are not done hearing about the American Jobs Act. According to press secretary Jay Carney, the White House will continue to push the Senate to vote on each piece of the bill.

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