President Obama is speaking today in Phoenix and will likely announce the rebirth of the nation's housing market is finally underway.

There is considerable speculation about the President's remarks.

The consensus is that Obama will highlight housing as a bright spot in the nation's painful economic recovery. At the end of the second quarter, the contribution of housing to the GDP of the nation rose 13%.

Further, the president is expected to lionize success under the Home Affordable Refinance Program and may suggest extending the program to the private market.

This morning on MSNBC, the secretary of Housing and Urban Development, Shaun Donovan said the President will speak on the four principles of housing reform.

"The president is going to make sure that our housing market keeps recovering," he said.

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The first is to ensure the return of private capital. Therefore, the second is to reduce the role of Fannie Mae and Freddie Mac. The third is to bolster homeownership in the middle class by increasing access to mortgages.

But the fourth is the most interesting. Donovan said that the president is going to release a new 3-page, 30-year mortgage application. This form will be "easy-to-read" for potential homeowners., and easy to understand, and will serve as the benchmark to mortgage originations going forward.

The hosts were not impressed. However, Andrew Wilson, a spokesperson for Fannie Mae later corrected the host's numbers on the government-sponsored enterprises.