Sunday, January 23, 2011

Obama Administration Reforming Housing Finance System And The Mortgage Servicing

While we continue to review this concept, we have found several challenges that we believe would limit this type of assistance from making any significant impact in the market. Although we are not currently pursuing this option, the Obama Administration continues to work toward reforming the housing finance system and the mortgage servicing system in a way that puts consumers first and helps keep more Americans in their homes.

- David Stevens, Federal Housing Administration Commissioner
Treasury supports alternatives that provide a graceful exit for homeowers who have experienced a hardship and cannot continue to support their mortgage. The Home Affordable Foreclosure Alternatives (HASA) Program which provides options for homeowners looking for a short sale or deed-in-lieu of foreclosure.

- U.S. Treasury Department spokeswoman Andrea Risotto
I believe there is a strong case to be made for a carefully designed guarantee in a reformed system with the objective of providing a measure of stability in access to mortgage finance even in future economic downturns.

- Treasury Secretary Timothy Geithner in August
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