by David Chapman
Staff Writer
Potential foreclosure candidates can receive help from a new government-backed mortgage refinancing program.
A crowded conference room at the Bank of America government fulfillment center on the Southside heard about the Federal Housing Administration’s FHASecure program and other efforts for homeowners by U.S. Housing and Urban Development Secretary Alphonso Jackson and U.S. Sen. Mel Martinez.
“Our role is keeping people in their homes,” said Jackson. “The Senate can tell you the price of the current housing slump, but the Senate can’t tell you the value of home ownership.”
The subprime mortgage meltdown has contributed to the record number of foreclosures in Duval County and the rest of the country.
The FHASecure program targets families with subprime loans who have good credit and payment histories that want to refinance into a safer loan, said Jackson. The newest wrinkle to the program let’s homeowners who have let mortgages turn delinquent qualify for a federal housing administration loan. To date, the program has assisted over 76,000 Americans and 3,000 Floridians since last fall.
Jackson stated those borrowers who refinanced from a subprime market into a FHA loan now have more manageable 30-year fixed rate loans with lower monthly payments.
Martinez preceded Jackson as HUD Secretary from 2001-04, but during his tenure was a time of home ownership prosperity.
“When I was at HUD, everything was go-go and great,” said Martinez. “I was one who was incredibly proud that we had record-high home ownership.”
Still, he said he could see the writing on the wall.
“I began looking at FHA efforts even before the downturn,” he said.
Like Jackson, Martinez spoke about the importance of home ownership and the need to correct the current trend of foreclosures. He said he isn’t alone in his thinking.
“It’s on everyone’s mind on Capitol Hill,” he said.
Both Jackson and Martinez continuously praised the efforts of the Bank of America team, even introducing one man whose home ownership dream was aided by the company.
The man, Terry Crawford, was in attendance and received a standing ovation.
“You kept his dream alive,” said Jackson to the crowd.
Martinez agreed and expanded on it, saying that FHA programs such as FHASecure and the efforts of people like at Bank of America make a difference.
“It is terribly important to keep that dream (of home ownership) alive,” said Martinez.
For information about HUD and its programs is available at www.hud.gov. For more information about FHA products, visit www.fha.gov.