I posted an informative article below outlining the Presidents’ plan to help those who more than 30 days behind on their mortgage payments. If you are currently experiencing difficulty paying your mortgage, credit card debts, taxes, or anything else contact my office today for a free consultation at 1-888-456-5635.
Your Friend, Robert Weinberg
Aug. 31 (Bloomberg) — President George W. Bush today will announce steps the administration says will help people with subprime mortgages keep their homes.
Bush will let the Federal Housing Administration, which insures mortgages for low-and middle-income borrowers, guarantee loans for delinquent borrowers, allowing them to avoid foreclosure and refinance at more favorable rates, according to an administration official.
The change would affect borrowers who are at least 90 days behind in payments and let them continue living in their homes, the official said on condition of anonymity. Bush, in a statement in the White House Rose Garden, also will back proposals to provide tax relief for homeowners who refinance.
Tighter credit and higher borrowing costs threaten the housing market, which has been an engine of U.S. economic growth. Democrats in Congress and the party’s presidential candidates have criticized Bush for not taking action to prevent the spread of foreclosures.
The president still opposes Democratic calls to let Fannie Mae and Freddie Mac, the two largest U.S. mortgage finance companies, boost purchases of mortgages as a way to ease lending constraints, White House spokesman Tony Fratto said.