The Obama administration plans to take two new steps in the next few weeks to help struggling homeowners pay their mortgages, said Shaun Donovan, the secretary of Housing and Urban Development.The administration will begin a Federal Housing Administration refinancing effort to help borrowers who are struggling to pay their home mortgages, and will start an emergency homeowners’ loan program for unemployed borrowers so they can stay in their homes, Mr. Donovan said on “State of the Union” on CNN. “We are going to continue to make sure folks have access to home ownership,” he said.
Sales of new homes unexpectedly dropped in July to the lowest level on record, signaling that even with cheaper prices and reduced borrowing costs the housing market is retreating. And sales of existing houses declined by a record 27 percent in July as the effects of a government tax credit waned. Reasons why the administration is taking these additional steps to make sure the market stabilizes and recovers.
Read more: N.Y. Times
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