What They're Saying About Bush's Plan to Help Struggling Homeowners
The Washington Post: "The president's proposal appropriately focuses government resources where they are likely to do the most good: on subprime borrowers who are behind on their payments but have the means to handle modified loans at reasonable terms." (Editorial, "Rescuing Mortgage Holders," The Washington Post, 9/2/07)
New York Daily News: "To give credit where credit is due, President Bush has taken a solid first step to address the mortgage crisis rocking the world economy. Acting in measured, bipartisan fashion, Bush is offering a helping hand to honest homeowners who got in over their heads as he pointedly, and rightly, refuses bailouts for speculators." (Editorial, "Bush Lends A Hand," New York Daily News, 9/1/07)
The Baltimore Sun: "The Bush proposals won't bail anyone out of his or her problems, but they will help thousands of homeowners help themselves. And the president's call to enforce predatory lending laws and strengthen lending practices sends the right message to an industry that needs to re-examine its role in the subprime mortgage debacle." (Editorial, "A Helping Hand," The Baltimore Sun, 9/3/07)
The Boston Globe: "[T]he president was also on target when he sought to extend the reach of the Federal Housing Administration, which insures home mortgages." (Editorial, "Homeowners Come First," The Boston Globe, 9/1/07)
The Atlantic.com's Megan McArdle: "Overall, this seems to me like a pretty good package. It doesn't, as many of the more generous plans do, offer irresponsible borrowers free home equity at the expense of either the lender or the taxpayer. But it does give them a chance to get some breathing space by working out terms with their lender. And it stops the rather horrid practice of taxing people who've had to sell their house for less than the value of the mortgage." (Megan McArdle, "What About This Bush Plan?" The Atlantic.com, 8/31/07)
"FHA Can Now Help Many More Families In Jeopardy Of Losing Their Home"
Pat V. Combs, President, National Assn. of REALTORS: "The proposed changes will allow more people to refinance with FHA insurance ...with this increased flexibility, FHA can now help many more families in jeopardy of losing their home." (National Association Of Realtors, Press Release, 8/31/07)
Allen Fishbein, Consumer Federation Of America: "This could save Americans who are delinquent on their loans hundreds of dollars a month on their mortgage payments. ...This would open up a significant new channel to at least some borrowers who are seriously delinquent on their loans." (Andrew Ward and Eoin Callan, "Bush Offers Help To Struggling Homeowners," The Financial Times, 8/31/07)
John Dalton, President, Financial Services Roundtable's Housing Policy Council: "[W]e were particularly edified to hear the President call for the modernization of the Federal Housing Administration, which is a Housing Policy Council priority. Modernization of the FHA can play an important role in providing home financing for low and moderate income borrowers." (Housing Policy Council, Press Release, 8/31/07)
John M. Robbins, Chairman, Mortgage Bankers Assn: "It is essential that the Federal Housing Administration have the tools and flexibility to adjust its products and programs to meet the evolving needs of borrowers." (Mortgage Bankers Association, Press Release, 8/31/07)
Dave Zitting, CEO, Primary Residential Mortgage, Inc.: "PRMI is elated to hear of President Bush’s newly proposed 'FHA Secure' program. ...We're confident this is a step in the right direction not just for the mortgage community, but more importantly, for borrowers." (Primary Residential Mortgage, Inc., Press Release, 8/31/07)
Cara Heiden, Division President, Wells Fargo Home Mortgage: "Strengthening the Federal Housing Administration provides homeowners with another valuable tool in their pursuit of homeownership options and rightly deserves broad support from the policy-making community." (Wells Fargo, Press Release, 8/31/07)
Marc E. Lackritz, President And CEO, Securities Industry And Financial Markets Assn.:
"We support efforts to keep people in their homes...and are pleased that the administration is taking steps using its existing authority to address these serious issues." (Securities Industry And Financial Markets Association, Press Release, 8/31/07)
Mark Zandi, Economist, Moody's Economy: "[T]he tax initiative could help even lower income homeowners. ...'Enough homeowners could benefit to make a difference,' said Zandi." (Les Christie, "Bush Offers Help To Troubled Homeowners," CNNMoney.com, 8/31/07)
"This Is A Huge Deal"
Bob Walters, Chief Economist, Quicken Loans, Livonia, MI: "Bush's suggested solutions are good news for homeowners and Michigan in particular. 'It will help us a lot,' Walters said." (Susan Tompor, Op-Ed, "A Bit Of Hope In Lending Crisis," Detroit [MI] Free Press, 9/1/07)
Furhad Waquad, President, Michigan Assn. of REALTORS: "[T]his is a step in the right direction. It needs to be applauded." (Gordon Trowbridge and Deb Price, "Bush Offers Aid As Foreclosures Soar," The Detroit [MI] News, 9/1/07)
David Liguori, American Equity Mortgage, Indianapolis, IN: "We'll be able to put a lot more customers into a better place, a better loan where it's properly structured. ...It's exciting." ("FHA Plan Could Help Hoosiers Behind On Mortgage Payments," The Associated Press, 9/4/07)
Todd Tatum, American Housing Group, Victorville, CA: "Raising the FHA limit will definitely help us out here. ...This is something we have been fighting to get for years." (Michael Rappaport, "Rethinking Mortgages," San Bernardino County [CA] Sun, 9/2/07)
Jessica Cecere, President, Consumer Credit Counseling Service, West Palm Beach, FL: "This is a huge deal. ...What people need is the opportunity to refinance at a decent rate." (Paul Owers, "President Bush Unveils Bailout Plan For Some Mortgage Holders," South Florida Sun-Sentinel, 9/1/07.