advantage of low mortgage rates. the proposal which applies to loans only backed by freddie mac and fannie mae, he removes the loan limit for borrowers who owe more than 125% of their home value, eliminates certain fees and waives appraisal requirements. white house officials estimate the initiative could help up to 1 million home owners but the president acknowledged that fixing the economy will take more than a single plan and urged congress once again to pass his american jobs act. let s not run the bite. i want to talk to john. what did you think of the president attacking congress again for being dysfunctional and, again, it feels like the housing piece of this hasn t been a part of the discussion. am i wrong? well, first of all, look. this is extenuating an extension of the president, what has been i think the president s political strategy since basically after the debt ceiling negotiations collapsed. he has decided he is going to run against congress. what he has done has
hour. stay with us. cheryl: fearing growing that barney frank is looking to take another gamble on housing. in 2003, the massachusetts democrat saying he wanted to roll the dice on housing. we know how well that went. fast fared to today and now he is calling for congress to increase loan limit for fannie and freddie. something that was supposed to be temporary. the mentality is what caused housing to collapse in the first place. this would be funny if it wasn t true. government intervention creates the bubble, freddie, fannie, and barney frank. bubble collapses because of the reality of this. the solution is to wait for it create another bubble with the bail-out, hope for the homeowners and help for homeowners and reregulate everything but wait for it barney frank, freddie mac and fannie mae. history repeats itself. but is the right one right
the proposals apply only to loans backed by freddie mac and fannie mae. it removes the loan limit for borrowers who owe more than 125% of the value of their home. it eliminates certain fees and waves appraisal requirements. white house officials estimate the initiative could help up to 1 million homeowners, but the president acknowledged fixing the economy will take more than that single plan and urged congress again to help him pass his jobs bill. given the magnitude of the housing bubble and the huge inventory of unsold homes in places like nevada, it s going to take time to solve these challenges. we still need congress to pass the jobs bill. the housing market will not be fully healed until the unemployment rate comes down and the inventory of homes on the market comes down. but that s no excuse for inaction. that s no excuse for just saying no to americans who need help right now.