Obama: Homeowners Need More Help
CNN Money: WASHINGTON (CNNMoney) -- President Obama said that struggling homeowners need even more help from the banks, in a CBS town hall that aired Thursday.
Calling housing "the biggest headwind on the economy right now," Obama broached two relatively new ideas for the White House: Longer-term mortgage modifications and principal reductions "in some cases."
Both ideas would require Congress to pass laws to force the banks to cooperate.
"If we were there for you [banks] when you got into trouble, then you've got to be there for the American people when they're having a tough time," Obama said during the CBS program which was taped on Wednesday.