MBA's Courson welcomes additional flexibility on FHA's HOPE for Homeowners program MortgagePress.comMBA, John A. Courson, HUD, Steve Preston, HOPE for Homeowners
John A. Courson, chief operating officer of the Mortgage Bankers
Association (MBA), has issued this statement following the
announcement by Secretary of Housing and Urban Development (HUD)
Steve Preston of changes to the HOPE for Homeowners program to
expand eligibility and lower costs on borrowers and lenders who
participate.
"Mortgage lenders welcome the additional flexibility that
today's changes to the Hope for Homeowners program will provide.
HOPE for Homeowners is an important tool that lenders can use in
the fight to keep families in their homes and out of
foreclosure.
"Expanding the eligibility criteria and making the program less
expensive for both the borrower and the lenders will allow us help
more borrowers. By agreeing to immediately compensate subordinate
lienholders, HUD is providing additional incentive for those
lienholders to release their liens, which will free more borrowers
to access the Hope for Homeowners Program.
"We look forward to working with officials at HUD to continue to
improve this and the other foreclosure avoidance programs and
products that they have created. The more effective tools lenders
have at their disposal, the more we can help troubled homeowners.
For that reason, we are also encouraging HUD to continue the FHA
Secure program."
For more information, visit www.mortgagebankers.org.
