Assistant Housing Secretary David Stevens told Senate lawmakers Thursday the Federal Housing Administration’s “elevated role” in helping ensure that home mortgage financing remains available is “temporary.” The Federal Reserve has kept key interest rates at record lows and more often than not, mortgage lenders have extended mortgage relief efforts to help stem the foreclosure crisis.
Mr. Stevens also oversees FHA as its’ commissioner, said that FHA has to strike a delicate balance with providing private home financing to qualified families, while avoiding a complete takeover of private sector business. He said HUD must be sure not to disturb the FHA home financing in this fragile real estate market with aggressive actions. “Until the private sector can step back up, they need FHA mortgage products and our housing market will benefit from it,” he said.
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