Housing Plan Could Help 500,000 Borrowers
By: Web Producer
Updated: April 9, 2008
Bush Approves Housing Plan That Could Help 500,000 Borrowers
(Washington, DC) -- President Bush has approved a housing plan that could help a half-million credit-worthy homeowners unable to meet their current mortgage payments.
This expansion of the FHA Secure program will insure loans for Americans facing interest rate resets who may have been late with some mortgage payments.
Under the proposal, the FHA would underwrite loans that have lost value if the lender will erase a share of the existing loan.
Policymakers face mounting pressure to stem the tide of home foreclosures that could push the U.S. economy into recession.
(Copyright 2008 by Newsroom Solutions)
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