Obama of­fers more aid to help hous­ing mar­ket

The Washington Times Daily - - Politics -

Pres­i­dent Obama is an­nounc­ing new mort­gage re­lief for mem­bers of the mil­i­tary and vet­er­ans as well as home­own­ers with gov­ern­mentin­sured loans. The ini­tia­tives are the ad­min­is­tra­tion’s lat­est at­tempts to help bor­row­ers strug­gling un­der a de­pressed hous­ing mar­ket.

Mr. Obama spelled out the plan Tues­day at the start of his first news con­fer­ence of the year.

Bor­row­ers with mort­gages in­sured by the Fed­eral Hous­ing Ad­min­is­tra­tion would be able to re­fi­nance at half the fee that the FHA charges. The ad­min­is­tra­tion says a typ­i­cal FHA bor­rower who re­fi­nances could save more than $1,000 a year from the changes.

For ser­vice mem­bers and vet­er­ans, Mr. Obama says, ma­jor lenders will re­view fore­clo­sures or de­nials of lower in­ter­est rates. For wrong­ful fore­clo­sure, ser­vice mem­bers will be paid their lost eq­uity and re­ceive ad­di­tional com­pen­sa­tion.

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