    [Public Papers of the Presidents of the United States: George W. Bush (2007, Book II)]
    [December 7, 2007]
    [Pages 1532-1533]
    [From the U.S. Government Publishing Office www.gpo.gov]

    The President's Radio Address
    December 7, 2007

        Good morning. Today I'm going to talk to you 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 AMT. The AMT was designed to ensure that the wealthy
    paid their fair share of taxes. But when Congress passed the AMT decades
    ago, it was not indexed for inflation. As a result, the AMT'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 AMT. On average,
    these taxpayers would have to send an extra $2,000 to the IRS next year.
    This is a huge tax increase that taxpayers do not deserve and that
    Congress must stop.
        I congratulate the United States Senate for acting to do so. Now
    it's up to the House of Representatives to move the bill. They've
    already delayed the bill so long that 75 billion in tax refund checks
    could be delayed next year.
        I urge the House of Representatives to get the Senate-passed AMT
    relief bill to my desk before they adjourn so I can sign it 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 3 months ago, I announced a series of targeted
    actions to help 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 at the Federal
    Housing Administration called FHASecure. This program gives the FHA
    greater flexibility to offer refinancing to homeowners who have good
    credit histories but cannot afford their current payments. In just 3
    months, the FHA has helped more than 35,000 people refinance their
    homes. And in the coming year, the FHA expects this program to help more
    than 300,000 families.
        Second, we helped assemble the HOPE NOW Alliance, which includes
    lenders, loan servicers, investors, and mortgage counselors. HOPE NOW is
    an example of

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    the Government bringing together members of the private sector to
    voluntarily address a national challenge, without taxpayer subsidies or
    Government mandates. This group has agreed on a set of industry-wide
    standards to help struggling homeowners by refinancing an existing loan
    into a new private mortgage or by moving them into an FHASecure loan or
    by freezing their current interest rates for 5 years.
        Lenders are already refinancing and modifying mortgages on a case-
    by-case basis. By taking a systemic approach, HOPE NOW will be able to
    help large groups of homeowners all at once. HOPE NOW estimates that up
    to 1.2 million homeowners could be eligible for assistance. And HOPE NOW
    has set up a counseling hotline that Americans can call 24 hours a day.
    I urge homeowners who are worried about rising mortgage payments to call
    1-888-995-H-O-P-E to get help.
        Third, 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. Our goal is 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 3 months since I made my
    proposals, Congress has not sent me a single bill to help homeowners. If
    Members are serious about responding to the challenges in the housing
    market, they can start by taking several important steps.
        Congress needs to pass legislation to modernize the FHA. This bill
    could allow the FHA to help 250,000 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 needs
    to pass funding to support mortgage counseling. With this funding, we
    could 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 Mae. By strengthening
    the independent regulation of these institutions, we can ensure they
    focus on their mission to expand homeownership in a fiscally responsible
    way.
        These commonsense 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 all
    our citizens.
        Thank you for listening.

    Note: The address was recorded at 7:30 a.m. on December 7 in the Cabinet
    Room at the White House for broadcast at 10:06 a.m. on December 8. The
    transcript was made available by the Office of the Press Secretary on
    December 7. The Office of the Press Secretary also released a Spanish
    language transcript of this address.