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2007-07-23 08:01:00

NeighborWorks® America Backs Call for Modernized FHA

Washington, DC -- NeighborWorks® America CEO Ken Wade supports steps to modernize the Federal Housing Administration (FHA), and make it a more important financing option in today’s housing market.

During testimony given before the Senate Banking Committee last week, Wade said that, “proposed FHA Modernization legislation would bring about some much needed changes and would help assure that FHA can reassume its rightful place in the market-place and enable the FHA to help millions of additional low- and moderate-income families fulfill the American dream of homeownership.”

Wade also asserted that a reinvigorated FHA could develop viable refinance mortgage products with higher loan limits, which could help combat the nation’s rising foreclosure rate.

“A modernized FHA could provide a meaningful alternative to some of the problematic mortgage products which have contributed to the nation’s current alarming rate of foreclosures. And, for many families already facing foreclosure, refinancing with FHA could be a real option,” said Wade.

About NeighborWorks® America

NeighborWorks America provides financial support, technical assistance and training for communities across the nation through the NeighborWorks network of over 235 nonprofit organizations covering nearly 4,500 urban, suburban and rural communities. These organizations engage in revitalization strategies that strengthen communities and transform lives. In the last five years alone, NeighborWorks organizations have generated more than $12 billion in reinvestment and helped more than 845,000 families of modest means purchase or improve their homes, or secure safe, decent rental or mutual housing.

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