Department of Housing and Urban Development Secretary Shaun Donovan published as of today the FHA has prepared amendments to its loan workout program so that it will further complement President Obama’s Home Affordable Modification Program (HAMP) under Making Home Affordable. It is hoped that the new FHA mortgage modification rules will be in place by [...]

FHA provided a much-needed safety net during a turbulent year
Every time the Department of Housing and Urban Development makes a change or looks at its financial stability, you hear howls about its function in housing. Should the government really be involved in homes and loans?
Read more on Everett Herald

how come BUSH encouraged the irresponsible home buying?

http://www.boston.com/business/articles/2004/10/05/zero_down_mortgage_initiative_by_bush_is_hit/

President Bush is determined to end the prejudice against people who want to buy a home but don’t have any money. Since he became president the U.S. Department of Housing and Urban Development has spent more than $120 billion. HUD public-housing projects continue to devastate poor neighborhoods. HUD largesse to local governments continues to finance the confiscation and demolition of private homes, and HUD programs continue to spur fraud and corruption around the nation.

Bush has done almost nothing to reduce HUD’s damage to America. Instead, he is devoting himself to expanding home giveaways. He proclaimed on June 16, 2003,

Homeownership is more than just a symbol of the American dream; it is an important part of our way of life. Core American values of individuality, thrift, responsibility, and self-reliance are embodied in homeownership.
In Bush’s eyes, self-reliance is so wonderful that the government should subsidize it.

Bush could be exposing taxpayers to tens of billions of dollars of losses, luring thousands of low- and moderate-income people to the heartbreak of losing their first house, and risking wrecking entire neighborhoods. Bush’s housing initiatives — especially his “American Dream Down Payment Act” to give free down payments to selected home buyers — were key planks in his reelection campaign. He is also pushing Congress to enact a law to permit the feds to give zero-down-payment mortgages.
oops, wrong link

http://www.fff.org/freedom/fd0502c.asp
Bush supporters are dillusional. Maybe not as quite as dillusional as Barry supporters, but dillusional, in any event

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