Double-dare. Physical Challenge!
By admin | June 5, 2007
Want to know what challenges face today’s home buyers? U.S. HUD Secretary Alphonso Jackson said that subprime loans, loss of confidence by consumers, and predatory lending practices are the obstacles.
“Predatory lenders have targeted home buyers – especially minorities – and successfully manipulated many of them into unwarranted, illegal, or unethical loans,” Jackson said. “HUD will continue to aggressively pursue any predatory lender. Consumers must also be empowered with the tools to be able to read and understand the fine print and know when to ask for help.”
Jackson acknowledged many of the problems facing both borrowers and lenders and feels it is important to find solutions in the industry to protect homeownership.
FHA Loan are one possible solution as current borrowers of subprime loans may have a way out by refinancing their subprime loan into an FHA loan.
“One way to do this is by modernizing the FHA,” Jackson said. “We need this reform now. If Congress passes FHA reform, we could help hundreds of thousands of families and we could do so without cost to the taxpayer.”
Watch as more updates about the FHA modernization act are presented.
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