In his weekly address on Saturday, President Obama stressed that although the housing market is showing improvement, more action needs to be taken by congress in order for the market to fully improve.
CBS News reported that President Obama urged Republicans in Congress to get on board with a bill that will help struggling homeowners refinance their mortgages.
Referring to the downfall of the economy as a "reckless behavior in the housing market," the president blamed Congress for failing to pass a bill that would allow homeowners to save up to $3,000 a year.
The president said in his address that, "four years ago this month, a crisis that started out on Wall Street almost brought down our entire economy," according to CBS News.
"The nation's biggest banks were days away from failing. The stock market and millions of American retirement accounts were in free-fall. Credit froze. Lending stopped. And businesses large and small didn't even know if they'd be able to make payroll. It was a moment that likes of which few Americans had ever seen."
The president went on to say that responsible homeowners were plagued by the irresponsible actions of others.
"When the party stopped, and the housing bubble burst, it pushed or entire economy into a historic recession - and left middle class families holding the bag."
President Obama said the housing market is "healing, but were not there yet."
February would have saved responsible homeowners $3,000 a year on their mortgages by allowing them to refinance at lower rates, only if congress would have passed the bill.
"It's a plan that has the support of independent, nonpartisan economists and leaders across the housing industry," the president said.
"But Republicans in congress worked to keep it from getting a vote."
"The truth is, it's going to take a while for our housing market to fully recover," Obama said.
"But it's going to take a lot more time - and cause a lot more hurt - if congress keeps standing in the way."
