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May 15, 2008FHASecure Refinances 200,000th Mortgage for American Families |
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From HUD Press Releases: U.S. Housing and Urban Development Deputy Secretary Roy A. Bernardi today announced the Bush Administration's FHASecure product has helped 200,000 homeowners refinance their mortgages and avoid foreclosure. Since September 2007, FHASecure has enabled struggling families - who are current or past due on their mortgages - to refinance through HUD's Federal Housing Administration (FHA). "Over the past several months, FHA has been working to help families who want permanent relief from their high cost subprime mortgages," said Bernardi. "These homeowners have found affordable relief from their exotic loans, and FHA is on pace to help a total of half million families keep their homes by year's end." In the past three months, FHASecure has insured twice as many loans as the program did in the program's first six months. In August 2007, President Bush launched a new initiative at HUD's Federal Housing Administration (FHA) called FHASecure to help hundreds of thousands of struggling homeowners - especially low-income families and minorities - avoid foreclosure. This product expanded FHA's ability to offer refinancing to homeowners who have good credit histories but cannot afford their mortgage payments after their teaser rates reset. In February 2008, President Bush requested $65 million for housing counseling in his Fiscal Year 2009 budget request. The Administration has increased funding for HUD's 2,300 approved housing counseling agencies by 150 percent since 2001. In March 2008, as part of the bipartisan economic growth package, FHA temporarily increased its loan limits until the end of this year, enabling hundreds of thousands of more families to purchase or refinance their homes at an affordable price.
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