Mortgage Help to Increase for Families in Need
According to HUD, the Bush administration announced recently that additional mortgage assistance will be provided to borrowers of subprime mortgages who are at risk of foreclosure. This plan is aimed at breaking the cycle of continually depreciating house values – the widespread result of increasing numbers of foreclosures and subsequent retraction by the credit market. The new plan expands upon FHASecure to help homeowners keep up with their current high-cost mortgage payments, with an expected result of 500,000 families refinancing into prime-rate FHA-insured mortgages by the end of the year.
For more information on this story, please visit: http://www.hud.gov/news/release.cfm?content=pr08-050.cfm
posted by Editor in Chief at 2:34 PM
1 Comments:
The new HUD mortgage assistance progran ammounts to further proff that the government is out of touch with reality... how many homowners will find assistance when the loan amount required is $400,000... and that to the REO fire sale, the home value is now $300,000 (if that!)... ZERO... No program will have any chance of working until the foreclosures and related fire sale sell of by the lenders is put on hold...
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http://solutionforthemortgagemeltdown.blogspot.com/
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