About Government Refinance and Home Purchase Programs

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

Robert Schroeder, a reporter for MarketWatch in Washington, filed this interesting assessment of the remarks U.S. Treasury undersecretary Robert Steel made for congress on Friday:

WASHINGTON (MarketWatch) — A top U.S. Treasury official asked for congressional help Friday in reaching out to borrowers with risky mortgages.

Robert Steel, undersecretary for domestic finance, said in prepared remarks to a House Financial Services Committee hearing that a direct-mail campaign to at-risk borrowers is starting up Nov. 19.

Steel told lawmakers that a group called “Hope Now” — composed of mortgage servicers, lenders and counselors — is reaching out to borrowers to educate them about refinancing options.

“When you are home in your districts over the weekend or for the holidays, please tell your constituents about this mail campaign,” Steel said. “Tell them it is OK to contact Hope Now for assistance.”

More than two million subprime mortgages are expected to reset to higher interest rates in the next 18 months.

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