[Public Papers of the Presidents of the United States: George W. Bush (2008, Book I)]
[March 29, 2008]
[Pages 440-441]
[From the U.S. Government Publishing Office www.gpo.gov]



The President's Radio Address
March 29, 2008

    Good morning. It's not every day that Americans look forward to 
hearing from the Internal Revenue Service, but over the past few weeks, 
many Americans have received a letter from the IRS with some good news. 
The letters explain that millions of individuals and families will soon 
be receiving tax rebates, thanks to the economic growth package that 
Congress passed and I signed into law last month.
    Americans who are eligible for a rebate will get it automatically by 
simply filing their taxes. If you are not a tax filer, you should visit 
your local IRS office to fill out the necessary paperwork, so you can 
get your rebate on time.
    The growth package also contains incentives for businesses to invest 
in new equipment this year. On Wednesday, I visited a printing company 
in Virginia that has decided to use these incentives to purchase new 
software. As more businesses begin taking advantage of these incentives, 
investment will pick up and so will job creation. And together with the 
individual tax rebates, these incentives will help give our economy a 
shot in the arm.
    For many families, the greatest concern with the economy is the 
downturn in the housing market. My administration has taken action to 
help responsible homeowners keep their homes. In October, we helped 
bring together a private sector group called the HOPE NOW Alliance. HOPE 
NOW has helped streamline the process for refinancing and modifying 
mortgages, and it runs a national hotline to connect struggling 
homeowners with mortgage counselors.
    On Friday, I visited an impressive mortgage counseling center in New 
Jersey. At the center, I met with homeowners who have been able to get 
help, thanks to HOPE NOW. One of them is Danny Cerchiaro. Danny owns a home in New Jersey that also serves as a 
studio for his movie production company. When Danny and his wife learned 
that their adjustable-rate mortgage was resetting to a higher rate this 
past summer, they became concerned about their financial security. So 
Danny called HOPE NOW for help. Less than 2 months later, he was able to 
get a more affordable fixed-rate mortgage. And today, Danny calls the 
mortgage counselor who helped him, quote, 
``the magic lady.''
    Theresa Torres from Kansas City is 
another homeowner who has been helped. Theresa called HOPE NOW after she 
and her husband fell behind on their mortgage payments in December. A 
mortgage counselor helped Theresa modify her mortgage. Today, she no 
longer worries about losing her home.
    There are hundreds of thousands of homeowners like Theresa and Danny who could 
benefit from calling HOPE NOW. If you're a homeowner struggling with 
your mortgage, please take the first step toward getting help by calling 
the hotline at 888-995-H-O-P-E. That's 888-995-H-O-P-E.
    HOPE NOW can help homeowners find the right solution for them. One 
solution for some homeowners is a new program we launched at the Federal 
Housing Administration called FHASecure. This program has given the FHA 
greater flexibility to offer struggling homeowners with otherwise good 
credit histories a chance to refinance. So far, this program has helped 
more than 130,000 families refinance their mortgages, and by the end of 
the year, we expect this program to have reached nearly 300,000 
homeowners in all.
    This is a good start, and my administration is committed to building 
on it. So we're exploring ways this program can help more qualified 
homebuyers. The problems in the housing market are complicated, and 
there is no easy solution. But by supporting

[[Page 441]]

responsible homeowners with wise policies, we'll help them weather a 
difficult period, we will help get our economy back on track, and we 
will ensure America remains the most prosperous nation in the world.
    Thank you for listening.

Note: The address was recorded at 7:05 a.m. on March 28 in the Cabinet 
Room at the White House for broadcast at 10:06 a.m. on March 29. In the 
address, the President referred to Penny Meredith, mortgage counselor, 
Novadebt. The transcript was made available by the Office of the Press 
Secretary on March 28, but was embargoed for release until the 
broadcast. The Office of the Press Secretary also released a Spanish 
language transcript of this address.