President Obama Seeks Mortgage Reform

The president says he's frustrated by families' struggling to finance a home.
2:05 | 02/12/13

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Transcript for President Obama Seeks Mortgage Reform
And part of our rebuilding our effort was also involved. Our housing sector. The good news is our housing market is finally healing from the collapse of 2000 -- Home prices arriving at the fastest pace in six years. Home purchases are up nearly 50%. And construction is expanding again. But even with mortgage rates near a fifty year -- Too many families with solid credit who want to buy a home or being rejected. Too many families who never missed a payment and moderate finance. Are being told -- That's holding our entire economy back. We need to fix it. Right now there's a bill in this congress that would give every responsible homeowner America. The chance to save 3000 dollars a year by refinancing at today's rates. Democrats and Republicans have supported it before. So what are we waiting for. Take a vote and send -- -- bill. Why would be a partisan issue. Helping folks refinance. Right now overlapping regulations -- responsible young families from buying their first don't. What's holding us back -- streamline the process and help our economy grow. These initiatives in manufacturing. Energy. Infrastructure. Housing. All these things will help -- the -- and small business owners expand. And create new jobs. But not out. -- matter unless we also equip our citizens with the skills and training. To fill those jobs. And that's -- start. At the earliest possible wage.

This transcript has been automatically generated and may not be 100% accurate.

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