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HUD Touts Foreclosures Prevented

300,000 FHASecure refinances since September

August 6, 2008

By MortgageDaily.com staff

Loan production under the FHASecure program continues to grow, with around 130,000 loans refinanced during the past three months.

Since September 2007, 300,000 mortgages have been refinanced under the program, according to a statement today from the U.S. Department of Housing and Urban Development.

In early May, HUD Deputy Secretary Roy A. Bernardi reported 170,000 loans had been refinanced using FHASecure.

Only 33,000 FHASecure refinances had been closed as of Dec. 3, 2007, HUD said.

The program was launched in August 2007 to refinance exotic subprime mortgages -- especially for low-income families and minorities who had no more than two 30-day lates or one 60-day late. Last month, the program was expanded to delinquent subprime borrowers who missed up to three monthly mortgage payments over the past 12 months.

The Hope for Homeowners programs, which was part of the housing package signed by President Bush last week, will expand FHA refinances for troubled borrowers. That program will be implemented on Oct. 1.

"FHA is on pace to help 500,000 families by the end of the year," today's statement said.

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