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Home | President Bush Reaches Out to Struggling Homeowners
Hudson & Marshall
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President Bush Reaches Out to Struggling Homeowners

During a Friday press conference, President George W. Bush announced several government initiatives designed to save distressed borrowers from foreclosure. The president said, while a federal bailout of lenders would only encourage a recurrence of the problem, he strongly encouraged lenders to work with struggling debtors to resolve the flood of homes now stuck in default.

During a Friday press conference, President George W. Bush announced several government initiatives designed to save distressed borrowers from foreclosure.
The president said, while a federal bailout of lenders ""would only encourage a recurrence of the problem,"" he strongly encouraged lenders to work with struggling debtors to resolve the flood of homes now stuck in default.
President Bush also said, he continues to support recent efforts to modernize the Federal Housing Administration (FHA) Loan for the sake of giving borrowers more flexibiity and affordable refinancing options.
The president's plan doesn't stop there.
""In the coming days, the FHA will launch a new program called FHA-Secure,"" President Bush said. ""This program will allow American homeowners who have got good credit history but cannot afford their current payments to refinance into FHA-insured mortgages. This means that families who are struggling now will be able to refinance their loans, meet their monthly payments and keep their homes. In other words, we're going to start reaching out and making sure people know that this option is available to them so they can stay in their homes.""
The president's announcement drew praise from the ""National Association of Realtors (NAR)"":http://www.realtor.org/press_room/news_releases/2007/nar_president_issues_statement_on.html.
""The proposed changes will allow more people to refinance with FHA insurance, like those that have fallen behind in their mortgage because of so-called 'exploding ARMs,' "" said Pat V. Combs, president of NAR. ""Many families who have been making their mortgage payments at the starter rate but were unable to keep them up after the loan reset have been unable to refinance through the FHA, but with this increased flexibility, FHA can now help many more families in jeopardy of losing their home.""
In his address, the president also proposed tax code changes that would allow borrowers with declining home values to escape excessive penalties when refinancing into smaller loans.
Click ""here"":http://www.whitehouse.gov/news/releases/2007/08/20070831-5.html to read President Bush's full address.

Hudson & Marshall

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