Bush Administration Expands on FHASecure Mortgage Assistance

The Bush Administration recently implemented an expansion of FHA Secure Mortgage Assistance, a program which helps homeowners who are at risk of being unable to keep up with their high-cost subprime adjustable rate mortgages. It is estimated that by the end of this year, the expansion will help 500,000 families to refinance into a more affordable mortgage, and it is hoped that the program will also help to break the cycle of continued downturn in the housing market.

To read the full story on this plan, please visit:
http://www.hud.gov/news/release.cfm?content=pr08-106.cfm

Home Sales Experience 2.6% Decline

According to a report by CNN, the month of June saw a sharper fall in the housing market than expected, with a decline of 2.6%. It is predicted that the current slump in housing will continue until the inventory level is reduced to a level that resembles the norm. In order to address the housing crisis, Congress has moved to pass a number of measures designed to provide relief to the market, including providing support to homeowners who are at risk of foreclosure.

For the complete story, please visit:
http://www.msnbc.msn.com/id/25830491/

HUD Issues Statement on Pending Housing Legislation

Recently, HUD Secretary Steve Preston issued a statement in order to address the housing legislation that is being currently considered by congress. Preston noted that although the proposed legislation makes moves toward providing stability to the financial markets, it does have a degree of restriction from helping more families. In order to help more families to avoid foreclosure, FHA has developed a fairer and more flexible pricing plan – yet the legislation would deny the FHA the ability to change differential pricing.

For the full comments from HUD, please visit:
http://www.hud.gov/news/release.cfm?content=pr08-111.cfm