fha secure, fha mortgage refinanceThe Christian Science Monitor reported a few hours ago on the FHA Secure bill that is going through Congress. It appears that if they pass it, the President will veto it, which is a shame, because this bill will help people hang onto their homes, after getting into a bad mortgage a few years ago. The FHA Secure program helps people with an FHA mortgage refinance by giving them a 30-year fixed rate, which is far superior to having an interest only mortgage or an adjustable rate plan.

According to the article, the President objects to the bill because he believes it will create too much of a risk for FHA to undertake, and compromise FHA's ability to remain solvent. The House of Representatives is pushing the bill forward as it stands, and the Senate is working on a slightly different version that would be a more bipartisan approach to helping desperate homeowners stay in their homes with an FHA Secure mortgage. Let's hope that some form of relief passes the House, the Senate, and the President's desk, because there are too many American families facing foreclosure, and, as Ben Bernanke said, stopping "preventable foreclosures is not just in the interest of lenders and borrowers. It's in everybody's interest."