Goverment Mortgage Relief?
According to HousingWire, the short admission yields volumes about the battering Paulson and other outgoing Bush administration officials have taken at the hands of lawmakers and fellow regulators behind closed doors as of late for failing to “do more” to help a growing group of homeowners that cannot afford their mortgage loans. FHA loans have been carrying too much of the mortgage load and it’s time that the conventional mortgage lenders offer more attractive home financing programs with refinance options and loan modifications.
On November 12, Paulson announced that the Treasury had ditched the asset-management portion of the TARP proposal, opting instead to focus on capital purchases where most needed to revitalized lending activity and to allow banking institutions the chance to earn their way out of the current financial crisis. “I will never apologize for changing an approach or strategy when the facts change,” Paulson told reporters in a question-and-answer session after the announcement at the time. “The most important thing we can do to mitigate the housing correction and reduce the number of foreclosures is to increase access to lower cost mortgage lending,” he said. “The actions we have taken to stabilize and strengthen Fannie Mae and Freddie Mac, and through them to increase the flow of mortgage credit, together with our bank capital program, are powerful actions to promote FHA mortgage lending.” Read more at US Government Waffling on Mortgage Loan Relief?
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