President Bush Announces The Mortgage Relief Policy by Milota Sidorova

Few months before leaving the White House, president George Bush has finally taken steps to get out from the mortgage crisis, that has befallen millions of American houseowners. To repress the toughening pressure from the Democratic party on mortgage administration, Bush has started the campaign that should expand the efforts reducing home loan payments, the Saturday's Bloomberg said.Bush, known from the previous years as an objector of governmental funding, has resisted the agreements that should use government funds or guarantees to decline the surge in the mortgage foreclosures. The legislative amendment, so far similar to a concept proposed earlier this month by Democrat and a chairman of the House Financial Service Comittee, Barney Frank has been favoured by several representatives from the policy making sector, for instance Ben S. Bernake (FED). The chairman suggests urging lenders to write down the principal on loans, that should prevent them from abandoning their properties.According the Saturday's issue of Washinghton Post, the plan should focus on 'underwater' loans that overcome the value of house. The report viewed the incentives of Federal Housing Administration on American banks. FHA implied them to forgive part of debt and refinance smaller mortgages, naturally backed by government.The developing amendment has involved the policymakers ar the Department of Housing and Urban Development cooperating with FHA. Although Bush hasn't officialy declared the value date, the expectations point to Aug. 31. Quoting the White House spokesman, Tony Fratto, the administration isn't ready to`put forth a proposal right now.'' He underlined that the priority for Congress is still the modernization FHA in a discussion that has taken more than 2 years.Houseowners with good ratings will be able to maintain their houses through the FHA Secure Program. The proposal enables them to refinance thier loans into governmant insured loans. Supporting moves have been noted from the head of Treasury department Henry Paulson, who shas brokered a series of voluntary accords among lenders to freeze interest rates on subprime loans and place a one-month moratorium on forecloses.

related story: http://news.yahoo.com/s/bloomberg/20080329/pl_bloomberg/azbulg0s6uci;_ylt=AhQICCGtzfN2RLdCN2eU6nqs0NUE

by Milota Sidorova for PocketNews (http://pocketnews.tv)

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Edited by: Katarina Bosanska