White House officials said they had no estimates for how many homeowners would be eligible for refinancing under the new rules or how many might take advantage of the program.
"However many homeowners are going to be helped by this, they will be very grateful for the assistance that will allow them to refinance at today's low rates," White House spokesman Jay Carney told reporters aboard Air Force One. He indicated the president would take additional executive actions this year if Congress fails to act on elements of his jobs bill.
Following his events in Nevada, the president will travel to Los Angeles for two fundraisers for his re-election campaign, including one at the home of movie stars Melanie Griffith and Antonio Banderas. Obama will also make stops this week in San Francisco and Denver.
Republicans were quick to criticize Obama's Western swing, accusing him of working harder to save his job than to help residents in the states he's visiting. "It's another day in the campaign life of President Obama, and he's bringing his re-election tour to Nevada, ground zero for the damaging effects of his failed economic policies," said Republican National Committee Chairman Reince Priebus.
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