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Real Estate News Releases
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(EMAILWIRE.COM, May 13, 2008 ) SACRAMENTO, CA – Democratic and Republican members of Congress passed their version of a housing rescue bill last week that would provide for up to $300 billion to purchase mortgages held by lending institutions.
The Bush administration has signaled opposition to the House measure and opposition to the bill is expected from the Senate panel that will consider the legislation. The administration favors instead changes to the FHASecure program that offers help for borrowers faced with foreclosure as a result of onerous loan provisions for subprime adjustable rate mortgages (ARMs).
Last month the Federal Housing Administration (FHA) announced that the FHASecure program, a mortgage refinance program, would be expanded to all subprime ARM mortgage borrowers who were not more than 60 days late in payments (or 30 days late on payments more than twice in 12 months). This offer was to be contingent on the borrower having at least 3% equity in the home. For borrowers more than 90 days late in mortgage payments (or 30 days late three times or more in a 12 month time) the borrowers would need at least 10% equity in order to qualify
Sacramento real estate and foreclosure expert Patrick McGilvray, J.D., president of www.TheHomeBuyingCenter.com, commented, “we speak with hundreds of Americans every week who are trying to sell houses quickly in this market to a real estate investor. They are the ones bearing the brunt of the housing crunch. McGilvray added that it is eassier to help prospective home buyers find good deals on foreclosure houses than it is to sell houses fast in today’s market. “That’s just the market we’re in. I’m not sure how much short-term help the government can provide the housing sector given the overall economic picture,” he added.
According to Roy Bernardi, the deputy secretary of HUD, which administers the FHA “The changes we have made with FHASecure will help us reach about 500,000 homeowners in total by the end of this year."
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The Home Buying Center, LLC
Manny Fernandez
916-868-3033
manny @ thehomebuyingcenter.com 
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