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Home loan help gets 'hooray': Borrowers would benefit from broader FHA access; some experts question bailout concept.
Byline: Mary Umberger
Sep. 1--President Bush's plan to help troubled mortgage borrowers keep their homes met with mixed reviews in the housing industry Friday, with some praising it as "a good first step" and others saying his proposals are either inadequate or not a place where the federal government ought to go.
"Hooray, hooray, hallelujah," said Deerfield real estate agent Honore Frumentino, who has been scrambling to help home buyers come up with 11th-hour financing after lenders abruptly withdrew from loan commitments because of turmoil in the industry. "That's what we need."
The president on Friday called on Congress to streamline the structure of the Federal Housing Administration, citing particular strain in the subprime mortgage sector, which lends to home buyers with poor credit histories. He said he would direct the FHA to broaden its guidelines to provide mortgage insurance to more families who are facing foreclosure to make them better candidates for refinancing.…
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Source: HighBeam Research, Home loan help gets 'hooray': Borrowers would benefit from broader...
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