HUD SECRETARY: FHA HAS HELPED 300,000 FAMILIES FIND RELIEF WITH GOVERNMENT-BACKED MORTGAGES

FHA Secure on pace to help half-million homeowners by year’s end

WASHINGTON - U.S. Department of Housing and Urban Development Secretary Steve Preston today announced that 300,000 families have refinanced their mortgages with HUD's affordable mortgage insurance program. Since September 2007, FHA Secure - the Federal Housing Administration (FHA) refinancing product - has provided struggling families with expanded access to safe and affordable mortgage financing. FHA is on pace to help 500,000 families by the end of the year.

"FHA remains a source of hope for families who want to stay in their homes," said Preston. "The Bush Administration's smart, practical solutions to expand FHA-insured financing are offering a safety net for hundreds of thousands of families in need of affordable home loans. We are focused and determined to work through the current challenges in the mortgage market."