Obama to announce new steps to help housing woes

Seeking to circumvent congressional opposition, President Barack Obama will announce a series of executive branch steps aimed at jumpstarting the economy this week, beginning with new rules to make it easier for homeowners to refinance their mortgages.

An administration official said the housing initiative will help homeowners with little or no equity in their homes refinance by cutting the cost of doing so and removing caps for deeply underwater borrowers. The new rules apply to homeowners with federally guaranteed mortgages who are current on their payments.

Obama will announce the initiative Monday in Las Vegas, a city hard hit by foreclosures and sagging home prices.

With the president's jobs bill struggling in Congress, the White House is refocusing its efforts on steps Obama can take to address the nation's economic woes without getting lawmakers' approval. During his three-day trip to the West Coast this week, Obama will use a new catchphrase to try to push Republicans into action: “We can't wait.”

It's his latest in a string of slogans aimed at placing blame on Republicans for lack of action on the economy.

The housing program Obama will announce Monday will be implemented by the independent Federal Housing Finance Agency. At its core, the initiative will relax eligibility standards for a federal refinancing program, allowing those who owe more on their house than it is worth to take advantage of loans with lower interest rates.

The administration official had no estimate for how many homeowners could be helped by relaxed rules. The official spoke on the condition of anonymity to discuss the housing program ahead of the president.

Following his events in Las Vegas, the president will travel to Los Angeles for three fundraisers for his re-election campaign, including one at the home of movie stars Melanie Griffith and Antonio Banderas. Obama will also make stops this week in San Francisco and Denver.