[Weekly Compilation of Presidential Documents Volume 44, Number 13 (Monday, April 7, 2008)]
[Pages 451-452]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
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 home 
buyers. The problems in the housing market are complicated, and there is 
no easy solution. But by supporting responsible homeowners with wise 
policies, we'll help them weather a difficult period, we will

[[Page 452]]

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. 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.