AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
Bush Wants FHA to Help Refinance Troubled Subprime Borrowers.(United States. Federal Housing Administration)
WASHINGTON -- In looking for ways to address rising foreclosures, the Bush administration is turning to the Federal Housing Administration to provide subprime borrowers with a refinancing option.
The Bush administration has supported reform legislation to modernize the FHA single-family program so it could serve more subprime borrowers.
Now they want FHA to throw a lifeline for drowning subprime borrowers.
"We are considering a way to help certain subprime borrowers refinance into FHA loans," FHA commissioner Brian Montgomery said last week.
Over the past two months funding for subprime loans has dried up and borrowers with adjustable-rate 2/28 mortgages facing resets are finding it difficult, if not impossible, to refinance into a lower interest rate loan.
Federal banking regulators are urging servicers to work with borrowers facing resets and try to modify or restructure their mortgages to make the monthly payments more affordable.
Legislators, regulators and industry officials also realize that the resets on subprime ARMs are going to stretch into in 2008 and foreclosure rates are already at a 37-year high. "The bulk of the (reset) problem is ahead of us," FDIC chairman Sheila Bair said.
- Bush Wants FHA to Help Refinance Troubled Subprime Borrowers.
- News wire article from: Mortgage Line Collins, Brian November 20, 2007 700+ words
...turning to the Federal Housing Administration to provide subprime borrowers with a refinancing...it could serve more subprime borrowers. Now they want FHA...lifeline for drowning subprime borrowers. "We are considering...
- Officials Eye FHA as Tool to Rescue Troubled Subprime Borrowers: 'This would...
- Magazine article from: National Mortgage News Collins, Brian April 16, 2007 700+ words
...harness the Federal Housing Administration as a relief agency...help delinquent subprime borrowers who are facing...and serve more subprime borrowers. And they continue...a way to help subprime borrowers. "Modernizing...
- FHA Already Poised for Refis: The FHA already has launched a program designed...
- Magazine article from: National Mortgage News Collins, Brian December 10, 2007 700+ words
...Senate to pass a Federal Housing Administration reform bill, a Federal...refinance over one million subprime borrowers. Boston Federal Reserve...year. And over 50% of subprime borrowers have credit scores above...an estimated 240,000 subprime borrowers. "The ...
- Home foreclosures up, especially for `subprime' borrowers.
- News wire article from: Knight Ridder Washington Bureau (Washington, DC) March 13, 2007 700+ words
...those so-called subprime borrowers, are fueling...for all Federal Housing Administration loans was also...When you see subprime borrowers who don't manage...creditworthiness of subprime borrowers more carefully...
- FHA Reform Bill Could Help Distressed Subprime Borrowers.
- Magazine article from: National Mortgage News June 11, 2007 700+ words
...WASHINGTON -- The prospects for Federal Housing Administration reform legislation brightened last...hundreds of thousands" of distressed subprime borrowers if Congress passes an FHA reform...officials maintain they could help more subprime borrowers if Congress passes a reform bill...
- National Bank Of Kansas City Starts Mortgage Recovery Program To Help Subprime...
- Press release article from: PR Newswire December 11, 2007 700+ words
...rates for a select group of subprime borrowers. To qualify, the loans...the more than one million subprime borrowers. Borrowers also need to...said. Recently the Federal Housing Administration received broader flexibility...
- A second chance for subprime borrowers.(Money & Values)
- Newspaper article from: The Christian Science Monitor Moser, Kate May 5, 2008 700+ words
...credit score prevented Smith from qualifying for a Federal Housing Administration loan to buy a home. To repair his credit, he is now...its 150,000 to 200,000 credit-card customers are subprime borrowers - people whose credit score is so low that they cannot...
- Rate freeze deal reached for subprime borrowers.(Brief article)
- Newspaper article from: Lawyers USA December 17, 2007 700+ words
...will not be available for all of the roughly 2 million subprime borrowers who will be in danger of foreclosure by the end of 2008...refinancing or moving into loans secured by the Federal Housing Administration, he said.
- FHASecure Helps Better Borrowers.(Federal Housing Administration)
- Newspaper article from: Asset Securitization Report Menchaca, Paul September 10, 2007 700+ words
...certain segment of subprime borrowers to refinance...by the Federal Housing Administration is being seen...help the better subprime borrowers who have done...for deserving subprime borrowers and a program...
- Defining 'Subprime' Borrowers.
- Magazine article from: Origination News Sichelman, Lew August 1, 2007 700+ words
...best terms. But just who are these subprime borrowers we keep hearing about? And why are...According to the MBA, moreover, most subprime borrowers are making their house payments on...current. Yes, the default rate for subprime borrowers is much higher than that of prime...
Source: HighBeam Research, Bush Wants FHA to Help Refinance Troubled Subprime Borrowers.(United...