Friday, April 10, 2009

President Obama urges Americans to refinance now. And: New Industrial Policy

President Obama is telling American families that now is the time to refinance their mortgages and take advantage of record low interest rates being offered by banks....
The New York Times' Washington Memo seems to have had the same reaction I did when I saw the pitch:

Obama (as TV Salesman) Pushes Home Refinancing

He is not a mortgage broker. But for a time on Thursday, 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 pitched 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 seven to nine million people across the country who right now could be taking advantage of lower mortgage rates,” Mr. Obama said, promising savings to average American families of $1,600 to $2,000 a year. “That is money in their pockets.”>>>MORE
Along the same lines is this Oval Office update:

HT: Carpe Diem

Finally, this UPI headline is not about the Obama's place in D.C.:
Refinancing not recommended for Obamas
Zillow estimates the shack is worth $293,960,000:
Owner Facts:
  • 16 beds
  • 35.0 bath
  • 55,000 sqft
  • Lot 2,147,483,648 sqft
  • Built in 1792
Home Description:

Built in 1792, this magnificent 132-room mansion is the rarest of homes in the U.S. since it is not only the residence of the U.S. president and his family, but it also has two wings with offices for the president, the First Lady, top staff and aides. Designed by Irish architect James Hoban, it was built during the Federalist period (late 1780-1830), but is considered Georgian in the Palladian style with neoclassical influences. After the cornerstone was laid on October 13, 1792, it was built by slaves, free African-American laborers, immigrants, and salaried Europeans. Second President John Adams and his wife, Abigail, took occupancy on November 1, 1800. Made from sandstone, brick and wood, the White House was composed only of the "Residence" and was completed for a cost of $232,371.83....