Bush Administration Expands FHAsecure to Offer More Assistance and Financing Aid to Homeowners Facing Foreclosure
Summary
It is a more modest version of a concept Democrats have recently been pushing to respond to the mortgage mess, which would have the Federal Housing Administration back restructured loans for distressed borrowers.The administrations idea, however, would reach far fewer borrowers than the Democrats proposal and would be financed by homeowners mortgage insurance premiums rather than taxpayer dollars.Bushs plan would expand a program created last year, known as Democrats say the administration has done too little for struggling homeowners and doesnt reach the vast majority of distressed borrowers." "The expansion will allow the program to insure loans for Americans who may have been late with some payments and are facing interest rate resets, but who are otherwise creditworthy - with verifiable income, decent credit histories and living in their homes," Perino said.Enroll in the ### Washington, DC, April 09, 2008 --( PR.com )-- Bush administration is expanding a government program to help homeowners head off foreclosure as it scrambles to counter Democratic calls for a broader federal housing rescue.The plan would enable more low- to moderate-income homeowners to refinance into mortgages with monthly payments they can afford, while lenders would take a loss on the loans.It is a more modest version of a concept Democrats have recently been pushing to respond to the mortgage mess, which would have the Federal Housing Administration back restructured loans for distressed borrowers.