Obama Administration Announces Housing Initiatives

President Obama recently (3/6) introduced new housing initiatives aimed at helping homeowners with government-insured loans and members of the military. One new plan would eliminate refinancing fees for loans insured by the FHA. The current program enables borrowers with FHA-backed loans to refinance their loans at a lower cost, but many still can’t afford the fees. The government has estimated that under the new program, two-three million additional homeowners could refinance their loan. The other initiative calls for banks/lenders to review their foreclosure practices. Service members or veterans whose property has been incorrectly foreclosed on since 2006 will receive compensation from the mortgage servicers that initiated the foreclosures.

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