President Bush Radio Address 12-8-07

[0:12] ..." On Thursday the United States senate passed a bill to fix the Alternative Minimum Tax or AM -- They -- is designed to assure that the wealthy paid their fair share of taxes. When congress passed the"...

[0:00]" Now a message from the president of the United States George W. Bush. Good morning -- talking about some important policies affecting taxpayers and homeowners this holiday season. On Thursday the United States senate passed a bill to fix the Alternative Minimum Tax or AM -- They -- is designed to assure that the wealthy paid their fair share of taxes. When congress passed the AMT decades ago it was not indexed for inflation. As a result the AMD's higher tax burden is creeping up on more and more middle class families. And as many as 25 million Americans would be subject to the AMP. On average these taxpayers would have to send an extra 2000 dollars to the IRS next year. It's a huge tax increase that taxpayers do not deserve in the congress must stop. I congratulate the United States senate for acting to do -- show. The concept of the House of Representatives to move the bill. That morning delayed the bill also on the 75 billion in tax refund checks could be delayed next year. As the House of Representatives to get the Senate passed eight -- relief bill to my desk before they adjourn. Story can sign -- and protect millions of families from higher taxes. And avert any further delay in the tax refund checks next year. I also know many Americans are concerned about meeting their mortgage obligations. The private sector and the government both have a role to play. More than three months ago I announced a series of targeted actions to -- responsible homeowners avoid foreclosure. And on Thursday I met with treasury secretary Paulson and housing secretary Jackson who updated me on the progress. The first step we took was to launch a new initiative that the federal housing administration called FHA secure. This program gives the FHA greater flexibility to offer refinancing to homeowners who have good credit histories but cannot afford their current payments. -- just three months. The FHA is held more than 35000 people refinance their homes. And in the coming year the FHA expects its program to help more than 300000 families second. We helped assemble the hope now alliance which includes -- loan servers are investors in mortgage counselors. Now as an example of the government bringing together members of the private sector to voluntarily addressed a national challenge. Without taxpayer subsidies or government mandates. This group has agreed on a set of industry wide standards to help struggling homeowners refinancing and existing loan into new private mortgage. Or by moving them into an FHA secure alone or by freezing their current interest rates for five years. Lenders already refinancing and modifying mortgages on the case by case basis. By taking a systemic approach who now will be able to help large groups of homeowners all at once. But now estimated at 21 point two million homeowners can be eligible for assistance and now has set -- counseling hotline. That Americans can call 24 hours today. Our homeowners who are worried about rising mortgage payments to call 1888995 HO PE to get help. The federal government is working to reduce the likelihood of similar problems in the future. Regulators are taking action to make the mortgage industry more transparent reliable and fair. Carlos to ensure that homeowners receive complete accurate and understandable information about their mortgages. These measures will help many struggling homeowners and congress has the potential to help even more. Yet in the three months since I made my proposals congress does not send me a single bill to help homeowners. It was a serious about responding to the challenges in the housing market they can start by taking several important steps. Congress to pass legislation to modernize the FHA. It's broken allowed the FHA help 250000 families by the end of 2008. Congress needs to temporarily reform the tax code to help homeowners refinance during this time of housing market stress. And congress to pass funding to support mortgage counseling. With this funding we get help more homeowners choose the mortgage that is right for them. As well congress needs to pass legislation to reform government sponsored enterprises like Freddie Mac and Fannie may. By striking the independent regulation of these institutions we can should they focus on their mission to expand homeownership and a fiscally responsible way. These common sense measures have been before congress for months. Congress needs to pass these measures quickly and send them to my desk so we can help homeowners in need and protect the American dream for our citizens. Thank you for listening"