PHOENIX — Didn’t get to see President Barack Obama’s motorcade on Tuesday? Don’t worry, we have you covered.
Christian Cerda filmed this video as Obama’s motorcade drove along Pecos Road after he spoke at Desert Vista High School in Phoenix.
Obama was in Phoenix to give a speech on the nation’s housing market. In addition to the address, Obama also stopped by a Phoenix construction company to meet several workers and learn more about Phoenix’s specific needs.
Obama proposed a broad overhaul of the nation’s mortgage finance system, including winding down government-backed Fannie Mae and Freddie Mac. He declared that taxpayers should never again be left “holding the bag” for the mortgage giants’ bad bets.
Obama outlined his proposals in Phoenix, the once foreclosure-riddled city at the epicenter of the nation’s housing crisis. The housing market in Phoenix, as well as in many other parts of the country, has rebounded robustly, with prices in the southwestern city up 66 percent from the low point in 2011.
Despite the nationwide gains, the president said sweeping housing reforms are still needed to ensure that a rejuvenated market doesn’t simply “re-inflate the housing bubble.” The cornerstone of that effort is winding down Fannie Mae and Freddie Mac, a proposal with bipartisan support in the Senate.
The Associated Press contributed to this report.
Watch the video of the motorcade below.
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