News update
posted on 2 June 2007 |
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HUD Kicks Off National Homeownership Month
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Reform of the FHA will better “Promote and Protect Homeownership”
WASHINGTON, DC - U.S. Department of Housing and Urban Development
(HUD) Secretary Alphonso Jackson will kick off National
Homeownership Month at the National Press Club in Washington, DC, on
June 4. Secretary Jackson will be the guest speaker at the Press
Club's Newsmaker Luncheon to discuss the importance of educating
consumers about the homebuying process, helping those who are in
trouble, and how legislation to modernize HUD's Federal Housing
Administration (FHA) could provide a safe, fair and affordable
alternative to exotic subprime mortgages.
"Throughout this month-long campaign we are taking our message of
promoting and protecting homeownership to communities nationwide,"
said Jackson. "All Americans should have the opportunity to achieve
the dream of buying a home - and once they do, we want to ensure
they stay in it. Educating families about the homebuying process and
helping those homeowners who may have hit a bump in the road is
critical to ensuring a house remains both a home and a secure and
stable investment."
This year's theme - "Promoting and Protecting Homeownership" - is
designed to promote first-time homebuying; to encourage both
potential and current homebuyers to learn |
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about the responsibilities that come with homeownership; and to help
consumers both read and understand the fine print of a mortgage.
There are 2,300 HUD-approved housing counseling programs around the
country that help potential and current homeowners learn about safe
loans products available through the FHA's mortgage insurance
programs and other responsible lenders.
National Homeownership Month mobilizes HUD's resources to educate
Americans on ways to achieve the dream of homeownership. At
homeownership fairs and other events |
HUD Secretary highlights critical housing initiatives in Keynote
address to National Association of Home Builders in Orlando
Florida.
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planned throughout June, Jackson and other senior HUD officials will
meet with prospective homebuyers and provide them with information
to determine if homeownership is right for them, or if they are
already homeowners, ways to help them stay in their homes. They will
also discuss the role homeownership plays in helping families build
wealth and in strengthening their communities, as well as ways to
prevent foreclosure by refinancing exotic subprime mortgages into
safer products, such as those offered by the FHA, for those who are
qualified.
HUD's FHA has helped more than 34 million people become homeowners
since its inception in 1934. HUD hopes to modernize the 73-year-old
FHA through legislation that would make it more flexible by
providing mortgage insurance to help underserved and minority
homebuyers avoid high-cost loans. The Department estimates that a
flexible cash contribution for an FHA-backed loan, a risk-based
insurance premium structure, and higher loan limits that better
reflect housing costs would provide tens of thousands of eligible
borrowers with a safe alternative to exotic subprime loans.
Too many families have been steered into accepting high-cost,
high-risk loans. Teasers rates and balloon payments have confused
many buyers, which is why the Bush Administration has increased the
budget for counseling from $13 million to more than $41 million - a
200 percent increase - to help prepare families to buy their first
home, avoid predatory lending practices, and assist current
homeowners facing default. In the coming fiscal year, the President
has requested another increase - to $50 million - for housing
counseling grants.
HUD Secretary highlights critical housing initiatives in Keynote
address to National Association of Home Builders in Orlando Florida. (HUD)
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