| Title: | MBA's Courson Welcomes Additional Flexibility on FHA's Hope for Homeowners Program |
| Source: | MBA |
| Date: | 11/19/2008 |
Contacts:
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WASHINGTON, D.C. (November 19, 2008) - John A. Courson, Chief Operating Officer of the Mortgage Bankers Association (MBA), today issued this statement following
the announcement by Secretary of Housing and Urban Development (HUD) Steve Preston of changes to the Hope for Homeowners program
to expand eligibility and lower costs on borrowers and lenders who participate.
"Mortgage lenders welcome the additional flexibility that today's changes to the Hope for Homeowners program will provide.
Hope for Homeowners is an important tool that lenders can use in the fight to keep families in their homes and out of foreclosure.
"Expanding the eligibility criteria and making the program less expensive for both the borrower and the lenders will allow
us help more borrowers. By agreeing to immediately compensate subordinate lienholders, HUD is providing additional incentive
for those lienholders to release their liens, which will free more borrowers to access the Hope for Homeowners Program.
"We look forward to working with officials at HUD to continue to improve this and the other foreclosure avoidance programs
and products that they have created. The more effective tools lenders have at their disposal, the more we can help troubled
homeowners. For that reason, we are also encouraging HUD to continue the FHA Secure program."
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The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry
that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the
association works to ensure the continued strength of the nation's residential and commercial real estate markets; to expand
homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and
fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety
of publications. Its membership of over 2,200 companies includes all elements of real estate finance: mortgage companies,
mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending
field. For additional information, visit MBA's Web site: www.mortgagebankers.org.