About Government Refinance and Home Purchase Programs

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

In a statement made today Secretary of the Treasury Henry Paulson said:

The new FHASecure program has refinanced over 200,000 borrowers into affordable mortgages in the past eight months

As I understand the real numbers this is simply a lie. Apparently all but about 3000 of the 200,000 borrowers he is talking about were never late on their mortgages and got into FHA loans with no help from the FHASecure program at all (which is basically a loophole program to let people who missed mortgage payments after an ARM reset qualify for an FHA loan). I know Washington is all about Spin but this is blatant falsehood as far as I can tell.

If you are in trouble with your mortgage be sure to write to your Republican congressmen/senators today and insist they get on board with the Democrats to help you out. You can’t stop President Bush from vetoing a bill that will help you but enough pressure from his fellow Republicans goes a long way

Comments (0) Posted by G.R.A. Admin on Friday, May 16th, 2008


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