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Ease housing aid restrictions, Senate duo tells FHA
Source: Reuters
Ease housing aid restrictions, Senate duo tells FHA
By Margaret Chadbourn
WASHINGTON | Tue Sep 10, 2013 8:04pm EDT
(Reuters) - Two leading Democrats on the Senate Banking Committee on Tuesday pressed the U.S. government's mortgage insurer to revise one of its housing aid programs to ensure it reaches a larger pool of distressed borrowers.
A new requirement to verify employment for those participating in the Federal Housing Administration's loan modification program shuts out eligible borrowers who would otherwise benefit from the government's assistance, Senate Banking Chairman Tim Johnson and fellow Democrat Elizabeth Warren said in a letter to the FHA's chief.
"There is no good justification for restricting access to the loan modification program based on the source of one's income," the senators wrote to FHA's Commissioner Carol Galante.
The new requirement, which went into effect on March 15, limits some seniors, veterans, and single parents with other sources of income outside of monthly paychecks, the lawmakers stated.
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By Margaret Chadbourn
WASHINGTON | Tue Sep 10, 2013 8:04pm EDT
(Reuters) - Two leading Democrats on the Senate Banking Committee on Tuesday pressed the U.S. government's mortgage insurer to revise one of its housing aid programs to ensure it reaches a larger pool of distressed borrowers.
A new requirement to verify employment for those participating in the Federal Housing Administration's loan modification program shuts out eligible borrowers who would otherwise benefit from the government's assistance, Senate Banking Chairman Tim Johnson and fellow Democrat Elizabeth Warren said in a letter to the FHA's chief.
"There is no good justification for restricting access to the loan modification program based on the source of one's income," the senators wrote to FHA's Commissioner Carol Galante.
The new requirement, which went into effect on March 15, limits some seniors, veterans, and single parents with other sources of income outside of monthly paychecks, the lawmakers stated.
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Read more: http://www.reuters.com/article/2013/09/11/us-housing-fha-idUSBRE98A00220130911