WASHINGTON — President Obama did an end-run around Congress on a trip to Las Vegas yesterday, launching an expanded program to help down-on-their-luck homeowners refinance their loans — while hitting the jackpot for his campaign at a fund-raiser at the Bellagio Hotel.
The revamped housing program would nix some fees, expand the eligible pool of borrowers and trim financing costs like appraisals in order to get more people to refinance at rock-bottom rates.
Obama announced the plan in a city with one of the nation’s highest foreclosure rates. But only homeowners whose mortgages are backed by Fannie Mae and Freddie Mac would be eligible.
“We can’t wait for an increasingly dysfunctional Congress to do its job,” Obama said.
After landing in Vegas on Air Force One, Obama motorcaded to the swank Bellagio for a Democratic fund-raiser, with tickets going from $1,000 to $35,800 each, according to a Democratic National Committee official.