Weekly Address: Home Refinancing, Overtime Pay [VIDEO]

President Barack Obama says Congress must give more homeowners the chance to refinance their mortgages to save money.

Obama says more than 2 million people are saving about $3,000 a year after restructuring their loans under his administration but that more deserve the same chance.

In his weekly radio and Internet address, Obama also calls on the Senate to confirm "without delay" his choice of Democratic Rep. Mel Watt to lead the Federal Housing Finance Agency, which oversees government-controlled mortgage lenders Fannie Mae and Freddie Mac.

Obama says the North Carolina congressman helped enact rules to protect consumers from dishonest lenders.