Obama unveils two new housing initiatives
Source: Wash. Post
President Obama on Tuesday unveiled two new housing initiatives intended to assist Americans with government-insured loans and members of the military.
In his first major news conference of 2012, Obama announced a new plan to cut refinancing fees for any loan insured by the Federal Housing Administration (FHA). The president also outlined a new agreement with banks to review foreclosures for members of the military that have taken place since 2006 and provide compensation to anyone who wrongfully lost a home.
Neither proposal requires Congress’s approval. But they are also more modest than the $10 billion refinancing plan that Obama asked lawmakers to pass in his January State of the Union address.
Here’s how the FHA plan would work: Currently, the federal government offers a program to allow borrowers with loans backed by the Federal Housing Administration to refinance their loans at lower cost. But the fees for refinancing have kept many borrowers from taking the government up on its offer. The administration estimates that an additional 2 to 3 million homeowners could end up refinancing under its program.
Read more: http://www.washingtonpost.com/business/economy/obama-to-unveil-two-new-housing-initiatives/2012/03/06/gIQAkSQtuR_story.html
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