If you are a homeowner in danger of foreclosure the Bush administration may not be getting high marks from you right now. While the democrats are pushing hard to help people who are upside down on their homes or in danger of foreclosure to refinance to an affordable FHA loan, the members of the Bush administration continue to fight the legislation. See this from a recent Reuters article on the subject:
A congressional plan to save troubled U.S. homeowners from foreclosure could hurt the economy and affect the government’s ability to help deserving homeowners, a senior Bush administration official said on Monday.
“Some in Congress are advancing legislation that, while well intentioned, could be problematic for the economy and the country,” said Brian Montgomery, who heads the Federal Housing Administration, in a speech at the National Press Club.
Legislation due to be voted on later this month by the U.S. Senate would create a new FHA fund to insure up to $300 billion in home loans. The legislation, which could save 500,000 borrowers from foreclosure, has already cleared the U.S. House of Representatives. But it has not been wholeheartedly embraced by the Bush administration.