Obama Claims Credit for Refinancing Surge; Critics Doubt Policies’ Role, Impact

Standing in the driveway of a home whose owners had recently refinanced their underwater mortgage, Obama credited rule changes for government-backed loans that he imposed six months ago with allowing more Americans to benefit from historically low interest rates.

But while Obama sought to claim credit for a surge in refinancing, it’s unclear how much of the influx in applications is directly attributable to his policy changes, which applied only to a select group of homeowners, versus average Americans just trying to take advantage of lower rates.

Moreover, as his critics note, it’s unclear whether the majority of those applications have been approved by lenders and therefore have resulted in savings for homeowners.

Political Punch

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