The Real Estate Bloggers

Is an Emergency Loan Program For Homeowners Coming?

Posted: 30 Aug 2010 06:27 AM PDT

Money-house The Housing and Urban Development Secretary Shaun Donovan has announced that a new emergency loan program for homeowners is on it’s way. There have been no details announced with the program, but it looks like the White House feels it needs to respond to the poor housing numbers with another program.

The Obama administration plans to set up an emergency loan program for the unemployed and a government mortgage refinancing effort in the next few weeks to help homeowners after home sales dropped in July, Housing and Urban Development Secretary Shaun Donovan said.

“The July numbers were worse than we expected, worse than the general market expected, and we are concerned,” Donovan said on CNN’s “State of the Union” program yesterday. “That’s why we are taking additional steps to move forward.”

The administration will begin a Federal Housing Authority refinancing effort to help borrowers who are struggling to pay their mortgages, and will start an emergency homeowners’ loan program for unemployed borrowers so they can stay in their homes, Donovan said. via Bloomberg

Of course, the housing numbers fell because we are in the hangover from the last “bailout by the Federal Government of housing financing, the new homeowner tax credit. But that was so yesterday.

Instead, let’s belly up to the bar and have another round of taxpayers money to get the housing party started.

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Is an Emergency Loan Program For Homeowners Coming?