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Posted: 9:29 PM Feb 1, 2012
President Obama Unveils Homeowners' Bill of Rights
President Obama touched on his plans to rebuild the economy in last week's State of the Union.
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President Obama touched on his plans to rebuild the economy in last week's State of the Union.
Wednesday he delivered a 'reality check' about the housing crisis and announced new proposals, including a homeowner's bill of rights.
The president said his bill of rights would get rid of hidden fees, conflicts of interest and fine print, among other things.
"Home prices started a pretty steady decline about five years ago. And government certainly can't fix the entire problem on its own. But it is wrong for anybody to suggest that the only option for struggling, responsible homeowners is to sit and wait for the housing market to hit bottom."
He also chastised unscrupulous mortgage lenders and banks, as well as buyers who can't afford their mortgages, for what he called 'irresponsible actions.'
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