Tuesday, June 5, 2012

USDA Moving Quickly into Refinancing Troubled Homeowners


USDA Rural Development Housing Administrator Tammye Treviño announced that USDA is participating with the White House on a series of upcoming forums to highlight steps the Obama Administration is taking to improve the nation’s housing market and help middle-class families.

Tammye Treviño, USDA Administrator
“These forums represent the Obama Administration’s ongoing efforts to take aggressive steps on behalf of homeowners who have played by the rules and are trying to get ahead,” Trevino said. “During these meetings, USDA will work with industry stakeholders, citizens and other federal officials to build upon the Administration’s goals to help responsible homeowners refinance loans stay in their homes and shore up the nation’s housing market.”
In February, the Administration announced a 19-state pilot program to help homeowners get lower mortgage interest rates and lower monthly payments. The initiative is open to borrowers who have loans made or guaranteed by USDA Rural Development. The 19 states participating in the program are: Alabama, Illinois, Nevada, Oregon, California, Indiana, New Jersey, Rhode Island, Arizona, Kentucky, New Mexico, South Carolina, Florida, Michigan, North Carolina, Tennessee, Georgia, Mississippi and Ohio.

This refinancing opportunity has the potential to reduce monthly mortgage costs for thousands of homeowners.  Let's hope that it doesn't become just another money pit that drains available funds away from new home construction.

2 comments:

Anonymous said...

Are pepole still drinking the Obama kool aid? This greennpresident has done nithibgvto help the houing market over the last 42 months. He has helped those people who can not pay their obligations. He has done nothing for small business. Maybe i should vote for him in 2012.

SPeterson said...

Ms. Trevino's tool belt is empty. Is that by accident or indicative of the USDA's end game?

What about those of us who didn't fall behind so we had to try to "get ahead"?

Is it a coincidence that of the 19 states listed, 9 of the top 10 states for highest forclosure rates are being "helped" by the USDA? I wonder what CO (#5) did to not be on the list.

And how did Mississippi make the list? They are #45.

Got a feeling this is a feel-good tactic by the Adminstration. Notice how the article doesn't say how many USDA Rural Development loans are in these states or how many are behind their payments. Wanna bet the qualifiers are pretty strict?