Obama Lays Out New Plan For Homeownership Help

President addresses critics who claim he is a socialist.
1:16 | 08/06/13

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Transcript for Obama Lays Out New Plan For Homeownership Help
For what I believe this reform should look like. First private capital should take a bigger role in the mortgage market. I know that sounds confusing to folks who would call me socialists I think that's awesome posters -- -- -- but. Actually believe in the free market and and just like the health care law that would put in place Obama care. The way. Which by the way you don't have health insurance. Or you're buying at exorbitant rates on the individual market starting on October 1 you can join a marketplace. And be part of a pool that. Gives you much lower premiums saves you a lot of money. We did what health -- wants to set clear rules for insurance companies to protect consumers make it more affordable. But still built on the private marketplace. I believe that our housing system. Should operate where there's a limited government role and private lending should be the backbone. -- the housing market and that includes by the way community based lenders who view their borrowers not just as the number but as a neighbor.

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

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