Obama makes pitch for low mortgage rates

He is not a mortgage broker. But for a time today, President Obama seemed to be playing one on television, urging Americans not to miss out on rock-bottom refinancing rates.

From his perch in the Roosevelt Room of the White House, the president donned his salesman's hat and touted the benefits - for you, and of course, for the American economy - of home mortgage rates at their lowest levels in 35 years.

Seldom has the president sounded so much like the host of a late-night infomercial, stopping just shy of imploring people to call the toll-free number at the bottom of their television screens.

"There are 7 to 9 million people across the country who right now could be taking advantage of lower mortgage rates," Obama said, promising savings to average American families of $1,600 to $2,000 a year. "That is money in their pockets."

Having just returned to Washington from his first overseas presidential trip, where he negotiated with other world leaders over how to contain the global economic crisis and rewrite international banking rules, Obama pivoted to the domestic economy.

The focus, vastly narrowed from his talks last week, was intended simply to draw attention to a government Web site that tells people if they are eligible to refinance their mortgages.

"We hope that everybody takes advantage of it. The Web site is MakingHomeAfforadable.gov - is that right?" Obama said, repeating the address five times in five minutes, in case his audience didn't hear it the first few times. "So get on the Web site, find out what's available."

The housing crisis is one of the critical fronts in the battle to steer the nation through its deep recession. Obama said new housing programs would be presented soon, following last month's plan to provide $275 billion to help distressed homeowners, of which $75 billion would subsidize the mortgage industry to help borrowers avoid foreclosure. But he offered no details today as he reminded Americans to look into refinancing their home loans.

To make his point, Obama invited eight people to the White House, all of whom live in the Virginia or Washington area. Their stories of refinancing were intended to serve as testimonials for the masses who have not already called their mortgage broker, whether they are in danger of foreclosure or simply looking for extra money.

The Cruz family, Pedro and Luz, said they were at risk of losing their Virginia home after Pedro Cruz's work as a mechanic began to fall off in the slumping economy. By refinancing, they said, they saved $700 a month.

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