Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Hearing slated for homeowners help program
WASHINGTON (9/12/08)--House Committee on Financial Services Thursday announced a Sept. 17 hearing to check in on the implementation progress of the newly established Hope for Homeowners program, intended to many thousands avoid mortgage foreclosures. In July, the U.S, Congress passed and President George W. Bush signed legislation designed to help at least 400,000 borrowers who are lagging in their payments because of a combination of unaffordable mortgages and falling home prices. The law sets an Oct. 1 effective date for the rescue provisions, which would let the FHA insure foundering mortgage loan for qualified individuals. Just before the bill was signed into law, a spokesperson for the Department of Housing and Urban Development (HUD) indicated he believed there was little chance that implementing regulations for the program would be ready by October. However, by the time Bush penned his name to the legislation HUD Secretary Steven Preston expressed confidence that the rules would be ready on time. The committee also intends to review foreclosure mitigation efforts by loan servicers at next Wednesday’s hearing. A witness list has not been released.


RSS print
News Now LiveWire
Expanded ATM services at branches attractive to members: @CFIGroup. See #NewsNow Friday
7 hours ago
#FinCEN imposes civil money penalty against NJ's BPI money services co. for #BSA violations http://t.co/WnDzOcxdOZ
10 hours ago
.@ABCULCUs give hat tip to America's #100MM #creditunion milestone http://t.co/q8yo6Lx3LM
10 hours ago
The @CFPB has announced new Credit Union Advisory Council members, as well as other senior leaders, advisory board and council members.
11 hours ago
GDP expanded 4.2% on an annualized basis in 2Q according to Bureau of Economic Analysis
12 hours ago