President Bush today pledged some relief for struggling borrowers to help them keep their homes. Foreclosures are at an all time high. Bush stated the proposals are to help those borrowers who would be able to keep their homes with some help during this crisis period.
The FHA will launch a program for borrowers with good credit histories but who have bad loans that they can't afford. Those borrowers will be eligible to refinance their mortgages through loans insured by the FHA. Bush also proposed limiting tax liabilities for victims of foreclosure.
"It's not the government's job to bail out speculators or those who made the decision to buy a home they knew they could never afford," Bush said in the Rose Garden. "Yet there are many American homeowners who could get through this difficult time with a little flexibility from their lenders or a little help from their government."