About Government Refinance and Home Purchase Programs

Information and Updates on Government Mortgage Programs
Filed under Government Mortgage Financing Programs News

An article on avoiding foreclosure appeared recently at the KSLA web site in Shreveport. It wisely mentions government backed FHA programs:

An estimated two million Americans could default on loans over the next two years as their loans reset to a much higher rate, according to the U.S. government. With thousands of Ark-La-Tex residents in an ‘adjustable rate mortgage,’ also called an ‘a.r.m.,’ there are steps they can take before their payment adjusts and becomes unpayable.

Officials with the Bush Administration say they’re aggressively dealing with rising numbers of mortgage foreclosures. In front of a congressional committee, officials from the Departments of Treasury as well as Housing and Urban Development said they’re working with an industry group called “Hope Now,” to deal with the crisis.

Under Secretary of Treasury Robert Steel told the committee, “it’s clear to all, that the earlier we identify struggling borrowers the more likely it is that services and lenders will be able to refinance or modify their mortgages into something more sustainable for the long term. If we wait until borrowers miss several payments, their credit profiles will be tarnished and they will have far fewer refinancing options.”

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