Friday, August 31, 2007

FHA secure - too little too late?

Interesting news today from Bush in regards to the foreclosures of homes and what not. If you haven’t seen it yet, apparently the FHA is going to launch a program in the next week or so called FHA Secure to help out homeowners that have good credit but can’t afford their mortgage payment. It will allow those people to refinance their mortgages into mortgages insured by the FHA.

I think this might be too little to late because if people that have good credit cannot afford their mortgage payment there is probably a pretty decent chance that their credit is no longer classified as good. Of course, I am certain that their will be a number of people that benefit from this. Unfortunately though I think a lot of people will be locked out of getting this help just because they may have bad credit now.

On the other hand, a lot of the people that are struggling are probably people that bit off more than they can chew. So, will they really learn their lesson if they get help like this? Maybe, maybe not.

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