WASHINGTON (AP) — A senior administration official says President Barack Obama will announce housing initiatives to help members of the military as well as homeowners with mortgages insured by the Federal Housing Administration.
Obama will spell out the housing efforts during a news conference Tuesday. The official spoke on condition of anonymity to describe the programs before the president unveiled them.
FHA-insured borrowers would be able to refinance their loans at half the fee that the FHA currently charges. That could save a typical FHA borrower more than $1,000 annually. Two million to 3 million borrowers would be eligible, the administration says.
For service members, Obama will announce that major lenders will review foreclosures on members of the military. If wrongly foreclosed upon, service members will be paid their lost equity and receive additional compensation.