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Mortgage crisis plan

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President Bush’s effortFederal Housing Authority
\ “Bush says that FHA is going to help insure people who are credit worthy and you can’t be credit worthy if you are in bankruptcy or close to it and certainly not if you are in foreclosure,” said Mike Watson, a local mortgage lender. “I have at least four cases on my desk that can’t qualify for FHA insurance right now.”
From the HUD Web site:
* The mortgage loan is funded by a mortgage company, bank or savings and loan association, and the mortgage is insured by HUD.\ * It must be the borrower’s primary residence.\ * The borrower must meet standard FHA credit qualifications.\ * The borrower is eligible for approximately 97% financing. The borrower is able to finance the upfront mortgage insurance premium into the mortgage. The borrower will also be responsible for paying an annual premium.\ * Eligible properties are one-to-four unit structures.
— Brian DeBose, national political reporter, The Washington Times

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Brian DeBose

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