Obama hammers Republicans on yet another piece of legislation left undone: home refinancing

Back in February, I sent Congress a plan to give every responsible homeowner the chance to save about $3,000 a year on their mortgage by refinancing at historically low rates. That's the equivalent of a $3,000 tax cut.

It's a plan that we know will work. It has the support of independent, nonpartisan economists and leaders across the housing industry. It's a no-brainer that should have passed easily. 

But Republicans in Congress banded together and kept this plan from even coming to a vote.

Nearly every weekly address in the past six weeks has been a challenge from the president to Congress for members to get off their collective ass and pass some legislation that will help middle-class Americans suffering in the economic crisis to get back on their feet. This morning's is no different'President Obama called on legislators to pass a bill that would help homeowners refinance their mortgage for an savings of approximately $3,000 a year.

He opened his address pointing to a rise in construction and indications that the housing market is seeing glimmers of recovery, and he touted various policies his administration has undertaken to try to urge recovery along over the past few years.

We teamed up with attorneys general in almost every state to investigate and crack down on the practices that caused this mess. And in the end, we secured a $25 billion settlement from the biggest banks ' one of the biggest settlements in history ' and used it to provide relief to families all across America.

We've taken action to help responsible homeowners refinance their mortgages. As a result, just this year hundreds of thousands of Americans who were stuck in high-interest loans have been able to take advantage of historically low rates and are saving thousands of dollars every year. 

Extending those refinancing benefits is the goal of the plan the president sent to Congress, he said. But nothing's going to happen because of ' Republicans. He blasted them more directly than usual in closing this morning's address.

They banded together and prevented millions of Americans ' including many of you listening today ' from saving $3,000 a year.  That's money that could have gone back into the value of your home, or your kid's college savings account.  That's money that could have gone into your local businesses, so they could hire and create more jobs in your town. 

But Republicans in Congress still won't let that happen.  And that's only held back the economy, when we should be doing everything we can to accelerate our economic engine.

Let's be honest ' Republicans in Congress won't act on this plan before the election.  But maybe they'll come to their senses afterward if you give them a push.  So contact your Representative, especially if this plan will help you or someone you know.  Tell him or her that American homeowners have waited long enough.  Tell them that it's time for Congress to stop standing in the way of our recovery and to start standing up for you.

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