At the beginning of the conference President Obama updated his audience on the progress of the economic recovery package that was signed into law last month and provided greater detail on the Administration's "comprehensive strategy" to mitigate the ongoing economic recession.
Moreover, President Obama cited the initial success of the Homeowner Affordability and Stability Plan stating:
"This plan's one reason that mortgage interest rates are now at near historic lows. We've already seen a jump in refinancing of some mortgages, as homeowners take advantage of lower rates. And every American should know that up to 40 percent of all mortgages are now eligible for refinancing. This is the equivalent of another tax cut, and we're also beginning to see signs of increased sales and stabilizing home prices for the first time in a very long time."
For more information, read the transcript from last night's event here.
Or, watch this brief video of President Obama's opening statement from yesterday's news conference below.