WASHINGTON – U.S. Housing and Urban Development Secretary Alphonso Jackson today announced that HUD’s FHASecure product has helped 100,000 homeowners refinance their mortgages and avoid foreclosure. Since September 2007, FHASecure has enabled tens of thousands of families – who are current on their home loans or past due because their teaser rates reset – to close on loans refinanced through HUD’s Federal Housing Administration (FHA), which is backed by the full faith and credit of the government.
The following is a statement by Secretary Jackson:
“FHASecure has helped more than 100,000 families stay in their homes. Homeowners are cutting their monthly mortgage payments by an average of $400 a month compared to their exotic subprime loans. They no longer have anxiety about finding foreclosure notices in their mailboxes, thanks to the safe mortgage alternative that FHASecure offers.
FHASecure has given homeowners an opportunity to hold onto their American Dream without putting their financial future at risk. Over the past five months, FHASecure has helped about 500 families a day close on their new government-backed loans.
Hundreds of people are taking advantage of refinancing into a safer, more secure FHA-backed loan everyday. From September to December 2007, FHA helped pump nearly $45 billion of much-needed mortgage activity into the housing market, more than $13 billion of which was through FHASecure. FHASecure remains on pace to offer refinancing to 300,000 families by the end of this year who are making on time payments or cannot afford their payments now that their teaser rates reset.”
HUD is the nation’s housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development, and enforces the nation’s fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov. For more information about FHA products, please visit www.fha.gov.