Saturday, September 13, 2008

Hope For Homeowners

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, has previously stated his intention to introduce legislation that will create a new program within the Federal Housing Administration (FHA) to provide aid to distressed borrowers currently trapped in mortgages they cannot afford.

“This is the worst housing crisis of our lifetime, and we’re in a recession as a result of it,” said Dodd. “The question is, how deep is this going to go? How long-lasting will it be? We need to move aggressively – cautiously, prudently, and thoughtfully – but aggressively, in order to regain our financial footing and ensure a crisis of this magnitude does not occur again.

Under the “HOPE for Homeowners Act of 2008," new mortgages that are offered by FHA-approved lenders will refinance abusive loans at a significant discount for homeowners facing difficulty meeting their mortgage payments.

FHA's Avoid Foreclosure Program is Hope For Homeowners. The PDF version of the Hope for Homeowner's Act is easilly readable in the formatted edition.

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