Bush Proposals to Assist Homeowners Draw Positive Response

Summary

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Banking groups and regulators have reacted positively to proposals to assist homeowners in avoiding foreclosures issued by President George W Bush. The president announced steps to help homeowners having difficulty paying their mortgages and ensure that the problems now disrupting the housing industry do not happen again. The President called on Congress to pass Federal Housing Administration modernization legislation, which would lower downpayment requirements, allow FHA to insure bigger loans and give FHA more pricing flexibility. He said these reforms would empower FHA to reach more families that need help - first-time homebuyers, minorities and those with low-to-moderate incomes - and offer more options to homeowners looking to refinance their existing mortgages. The administration will also launch an FHA initiative called "FHASecure. The President announced that the administration will launch a new Foreclosure Avoidance Initiative to help struggling homeowners find a way to refinance. Bush said Housing and Urban Development Secretary Alphonso Jackson and Treasury Secretary Henry Paulson will reach out to a wide variety of groups that offer foreclosure counseling and refinancing for American homeowners.

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Bush Proposals to Assist Homeowners Draw Positive Response

Proposals to assist homeowners in avoiding foreclosures issued by Resident George W Bush have drawn positive reaction from banking groups and regulators. The president announced steps to help homeowners havi...

See the full content of this document

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