About Government Refinance and Home Purchase Programs

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

Looks like banks are sick of foreclosing on people too. Credit Suisse is making a request to the federal government to loosen the standards on qualifying for a government-backed FHA loan. Right now it is very difficult to get an FHA loan if a borrower has fallen behind on mortgage payments in the last 12 months. That is leading to a lot of foreclosures. If the FHA loosens standards and allows people who are falling behind to refinance the theory is that fewer foreclosures would occur. (Of course the risks taken by the FHA program would greatly increase). Here is an recent Reuters article on the subject and here is the WSJ take on it.

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