| FHA Commissioner Comments on HAMP, FHA &Â Market
Video of David Stevens interview with Bloomberg News March 26, 2010 The commissioner of the Federal Housing Administration said the U.S. housing market has stabilized under the Obama administration. He talked about the cost of a new FHA refinance program and enhancement to the Home Affordable Modification Program. The current administration walked into a scenario where home prices were in a free fall and foreclosures were escalating at a rapid rate, FHA Commissioner David Stevens told Bloomberg News. But the country is in a much more stable environment because of the administration’s programs. Stevens talked about the $14 billion program that will be used to write down second liens on FHA refinances. He called a moral hazard question “an extreme mischaracterization” and responded to the question by noting that borrowers will have to be qualified, their credit will be impaired and investors will not write down borrowers. |
