WASHINGTON (Associated Press) – Earlier today, Aug 31st, President Bush outlined initiatives designed to help homeowners with risky mortgages keep their houses.
A key element of President Bush's plan would allow homeowners, who have good credit histories but cannot afford their mortgage payments, to refinance into mortgages insured by the Federal Housing Administration.
He rejected any direct government aid to homeowners losing their houses to foreclosures, saying he supported only federal government help that would encourage refinancing and educate prospective homebuyers about risky mortgage terms.