US housing plan to help 500,000 borrowers

WASHINGTON - President George W. Bush has approved a plan to expand a housing program to insure loans for creditworthy homeowners who have been unable to meet mortgage payments, and was expected to help about 500,000 borrowers by the end of this year, the White House said on Wednesday.

By (Reuters)

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Published: Wed 9 Apr 2008, 9:14 PM

Last updated: Sun 5 Apr 2015, 11:36 AM

“The expansion will allow the program to insure loans for Americans who may have been late with a couple of their payments, and are facing interest rate resets, but who are otherwise reliably creditworthy,” White House spokeswoman Dana Perino said.

FHA Secure has helped nearly 150,000 borrowers, and with the expansion being announced on Wednesday, the program was expected to help about 500,000 homeowners by year-end, she said.

“This is not a silver bullet that will solve all the problems in housing, but it will help some additional people stay in their homes, and that’s something the president wants to see,” Perino said.

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