News Release
HUD No. 07-123
Steve O’Halloran
(202) 708-0685
www.hud.gov/news/
For Release
Friday
August 31, 2007
BUSH ADMINISTRATION TO HELP NEARLY ONE-QUARTER OF A MILLION HOMEOWNERS REFINANCE, KEEP THEIR HOMES
FHA to implement new “FHASecure” refinancing product
WASHINGTON – President George W. Bush today announced that HUD’s Federal Housing Administration (FHA) will help an estimated 240,000 families avoid foreclosure by enhancing its refinancing program effective immediately. Under the new FHASecure plan, FHA will allow families with strong credit histories who had been making timely mortgage payments before their loans reset-but are now in default-to qualify for refinancing. Read more... (875 words, 0 images, estimated 3:30 mins reading time)
What is the problem?
Well I am happy to say we are not seeing much of this in the Panama City Beach area and I’d like to think that some of the reason for this is that we have responsible REALTORS(R) in our area who educate their customers with regard to lending and staying within their means. It is however, a different story on state and national basis. Read more... (430 words, 1 image, estimated 1:43 mins reading time)