What the US government is doing for the real estate crisis ~ Pinoy Reviews

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Monday, June 9, 2008

What the US government is doing for the real estate crisis

Before the phenomenal increase in world oil prices just this week, most Americans were concerned about the real estate crisis going on in the US. More and more homes are being foreclosed and everyone is asking what the US government is doing. Well, I’ve come upon an interesting piece of news that might answer this question if you’re interested in the on-going Real Estate Crisis.

One bill that would probably help ease the crisis is the FHA reform. The bill hopes to liberalize the FHA program by lowering down payment requirements and increasing the limit on loans eligible for FHA-insured.

Another solution that the Bush administration is looking into is to allow state and local government to subsidize the cost of mortgage refinance for subprime borrowers so that they could get out of unaffordable home loans.

Talking about low refinancing, a video over at refinance.com talks about how the company wants an easier solution to ease the real estate crisis without dipping into taxpayer’s money. Refinance.com is a website that is famous for offering low home refinance loans. The CEO of refinance.com says that they are asking the government to let private lending entities to shoulder the risk but once the real estate crisis is over, they also want to share in any appreciation. Sounds like a pretty decent proposal.