About Government Refinance and Home Purchase Programs

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The AP published an interesting story today implying that a compromise on the new housing bill between the White House and congress is much more likely than a veto. Here is an excerpt:

When President Bush promised to veto Democrats’ homeowner rescue bill, it may have sounded like the measure was dead.

But in a competitive election year clouded by a crippled economy, Republicans are as anxious as Democrats to strike a deal on an issue that matters to their constituents. By threatening to veto the legislation, Bush gained leverage in what promises to be a high-stakes negotiation between the White House and congressional Democrats on a compromise.

So now the bargaining begins.

Behind the pitched rhetoric, however, the administration and Frank agree on the central concept of a homeowner rescue. Both want the Federal Housing Administration, the Depression-era mortgage insurer, to help more borrowers refinance into loans they can afford. Bush has twice relaxed the FHA’s standards to allow more such “workouts” for people facing default due to mortgage rate resets or other economic hardships.

Comments (0) Posted by G.R.A. Admin on Tuesday, May 13th, 2008


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