About Government Refinance and Home Purchase Programs

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

Kenneth Hardy reported the following rather disappointing news as published over in the San Jose Mercury News:

WASHINGTON – Thousands of Americans may be losing their homes to foreclosure or facing hefty mortgage-payment resets, but Congress appears to be in no rush to offer help.

While the House has passed several major housing-relief measures in recent weeks, the Senate hasn’t managed to pass even one. On the eve of the two-week Thanksgiving recess, the House approved by a bipartisan vote the most sweeping reforms of the national mortgage system in more than two decades.

Meanwhile, the Senate stalled legislation that would strengthen the Federal Housing Administration’s mortgage programs – a key resource for consumers who need to refinance out of adjustable-rate loans with rapidly escalating monthly payments into affordable fixed-rate mortgages.

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