About Government Refinance and Home Purchase Programs

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

John Toscano at the Queens Gazette recently wrote this summary of the recent legislation changes regarding goverment refinance assistance:

Recently enacted legislation intended to remedy the present home ownership crisis in the United States will help struggling homeowners to refinance their mortgages to more affordable government-backed loans which will help them to remain in their homes, Congressmember Carolyn Maloney declared last week.

Maloney, chair of the Financial Institutions and Consumer Credit Subcommittee, addressed the present effort to help homeowners following House passage of the bill entitled, “Expanding American Homeownership Act of 2007”, which was approved by a 348-72 vote.

“Affordable housing is crucial to strong families, strong communities and a strong economy,” Maloney declared. “Unfortunately, an alarming increase in foreclosures and the collapse of the subprime mortgage market have spawned a homeownership crisis in our country. Millions of American families are currently at risk of losing their homes and many more have been priced out of the market.”

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