Obama heads to Phoenix to pitch mortgage reform

Associated Press + More

By JULIE PACE, Associated Press

WASHINGTON (AP) — President Barack Obama wants to overhaul the nation's mortgage finance system, including shutting down government-backed Fannie Mae and Freddie Mac. And he has some bipartisan support on Capitol Hill.

Obama is outlining his proposals Tuesday at a construction company in Phoenix, once the epicenter of the housing crisis following the 2008 economic collapse. The housing market in the region, as in much of the country, has rebounded in recent months, buoyed in part by low interest rates.

The president's trip marks the latest stop on his summertime economic tour to refocus his agenda on middle-class Americans still struggling to recover from the recession. The collapse of the housing market in particular had a dramatic impact on people's lives and the economic viability of communities across the country.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.