Obama to Congress in weekly address: Pass mortgage refinancing bill

Back in February I sent Congress a plan to give every responsible homeowner the chance to save about $3,000 a year on their mortgages by refinancing at lower rates. It's a plan that has the support of independent, nonpartisan economists and leaders across the housing industry. But Republicans in Congress worked to keep it from even getting to a vote. And here we are ' seven months later ' still waiting on Congress to act.

Same old song, same old dance, President Obama told listeners in his weekly address this morning: Republicans in Congress are obstructing a good, common-sense idea that could help average Americans. This time, he said, it's a bill to aid homeowners in refinancing their homes.

And pretty much as he has done every week, the president has urged Americans to contact their congressional representative to get on the ball and start passing bills'with the focus this week on the mortgage bill, since time is of the essence.

Last week, mortgage rates were at historic lows. But instead of helping more and more hardworking families take advantage of those rates, Congress was away on break. Instead of worrying about you, they'd already gone home to worry about their campaigns.

Even with quick action on legislators' parts, it's going to take some time for the full effects of any Washington action to take hold. It's time for Americans to send a clear message to Congress, the president declared: Do your job.

The truth is, it's going to take a while for our housing market to fully recover. But it's going to take a lot more time ' and cause a lot more hurt ' if Congress keeps standing in the way. If you agree with me, I hope you'll make your voices heard. Call your Representative. Send them an email. Show up at their town hall and tell them that when Congress comes back to Washington, they better come back ready to work.  All of you are doing everything you can to meet your responsibilities. It's time Congress did the same.

To read the transcript in full, check below the fold or visit the White House website.