Obama Makes a Case for Better Bargains for Middle Class

The president wants to define the important cornerstones of being in the middle class.
2:57 | 08/10/13

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Transcript for Obama Makes a Case for Better Bargains for Middle Class
For the past few weeks I've been visiting folks across America. To talk about what we need to do is a country to secure a better bargain for the middle class. I've been -- out my ideas for how we can build on the cornerstones of what it means to be middle class America. A good job a good education. Affordable health care when you get sick -- secure retirement even if you're not rich and the chance to own your own home. This week I went to Arizona and California two of the states hit hardest when the housing bubble burst triggering the recession. All across the country millions of responsible Americans were hurt badly by the reckless actions of others. Home values plummeted construction workers were laid off. And many families lost their homes. Over the past four years we've worked to help millions of responsible homeowners get back on their feet. And while we're not where we need to be yet -- housing market is beginning to -- Housing prices and sales are rising constructions up foreclosures were down. Millions of families have come operator because they're no longer underwater on their mortgages. Now we have to build on this progress. Congress should give every American the chance to refinance at today's low rates. We should help more qualified families get a mortgage and buy their first home. We should get construction workers back on the job rebuilding communities hit hardest by the crisis. And we should make sure the folks who don't want to buy a home have a decent affordable place to rent. As home prices rise. We have to turn the page on the bubble and burst mentality that created this mess and build housing system that's rock -- In rewards responsibility for generations to come. That means winding down the companies known as Fannie Mae and Freddie Mac making sure private capital plays a bigger role in the mortgage market. And ending the -- of expecting a bailout -- your pursuit of profit puts the whole country at risk. We need to preserve access to safe and simple mortgages like the thirty year fixed rate mortgage. We need to keep laying down rules of the road that protect homeowners when -- making the biggest purchase of their lives. And finally congress needs to confirm Mel Watt to be our nation's top housing regulator. So that he can protect consumers and help responsible lenders provide credit. No program -- policy will solve all the problems of a multi trillion dollar housing market and will take time to fully recover. If we work together we can make a home a source of pride and middle class security again. And if Washington is willing to set aside politics and focus on what really matters. We can rebuild an economy where if you work hard you can get ahead. Thanks and every week --

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

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