About Government Refinance and Home Purchase Programs

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

Treasury Secretary Henry Paulsen made some comments today to urge congress to move quickly on the FHA reform bills they are working on. Here is an excerpt from a report that the AP put out:

Paulson in the CNBC interview also called on Congress to quickly pass pending legislation that would reform the Federal Housing Administration, which he said would help 250,000 at-risk homeowners who have adjustable rate subprime mortgages refinance to more affordable loans and another piece of legislation that would expand the availability of so-called “jumbo” mortgages, loans higher than $417,000.

The two giant government-sponsored mortgage companies, Fannie Mae and Freddie Mac, cannot presently back these jumbo loans, which restricts their availability.

On Monday, Paulson had said in a speech in New York that the current housing correction was “inevitable and necessary” following five years of an unsustainable boom which saw sales and home prices hit record levels.

Comments (0) Posted by G.R.A. Admin on Tuesday, January 8th, 2008


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