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HUD Launches Foreclosure Prevention Effort

June 4, 2008

The U.S. Department of Housing and Urban Development today launched a month-long campaign to continue helping families avoid foreclosure. For the duration of National Homeownership Month, the Bush Administration will focus on how Americans can utilize the Federal Housing Administration (FHA) as a resource to keep their homes during this time of uncertainty in the housing market. FHA is at the center of the Administration's targeted, financially responsible efforts to help qualified homeowners refinance into safer, affordable mortgage products.

"Many Americans are facing the possibility of foreclosure and they need to be made aware of the options that are available to them through FHA," said Deputy Secretary Roy A. Bernardi. "To stop this cycle of foreclosure, Americans need to be better educated about the home buying process. They need to know what they are committing to when signing their name and know what mortgage best suits their needs."

This year's theme - "Back to Basics" - is designed to underscore the importance of having strong, common-sense fundamentals as a way to maintain a sustainable housing market. Many of those basics (verification of income, ability to repay) were ignored in the lead-up to the housing bubble. The Department will focus on helping families learn what the federal government is doing to help struggling homeowners; how to protect themselves against predatory lending; to better understand what goes into owning a home; and how to own a home they can afford.

At foreclosure prevention workshops and other events planned throughout the month of June, HUD officials will meet with prospective homebuyers and provide them with information to help keep them in their homes. On June 9, HUD's Assistant Secretary for Housing-Federal Housing Commissioner Brian D. Montgomery will deliver the keynote address at the National Press Club in Washington, DC. He will assess the overall state of housing and the role FHA is playing to stabilize the market and help families avoid foreclosure.

Source: HUD

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