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January 7th, 2009

White House Nixes FHA Secure Program

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The White House has decided not to extend their FHA Secure Program past its original termination date of December 31, 2008. High hopes for the program intended to “help people who have good credit but who have not made all of their payments on time because of rising mortgage payments,” could have easily been extended past the original termination date, but poor results nixed the program.

According to the latest issue of National Mortgage News, the program, launched in August of 2007, “refinanced only 4,000 delinquent borrowers. But the news that FHA would refinance subprime adjustable-rate mortgages attracted over 460,000 borrowers who were making their payments but wanted to refinance into a lower cost FHA fixed-rate mortgages.”

Despite interest from HUD and various lenders to keep the program going, the White House decided it was time to end the initiative. The FHA Secure Program is not the only federal loan-mod program to prove unsuccessful. HUD’s Hope for Homeowners has come under repeated criticism for failing to achieve their goals.

Have any of you been a part of an unsuccessful loan modification?

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3 Responses to “White House Nixes FHA Secure Program”

  1. joana Says: June 18th, 2009 at 7:52 am

    This is the time that White House should help about those people whose one foot are the ebb of a hole. They are really to extend debt repayment of those who obtained these, especially now that cash is not difficult to find due to the financial crisis.

  2. Jack Says: June 30th, 2009 at 5:13 am

    I think this only shows the strategic problem of WH

  3. Tim Manni Says: June 30th, 2009 at 9:02 am

    Jack,

    None of these housing rescue initiatives are working the way they would have liked. It must be strategical.

    Thanks for commenting,
    Tim

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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