Later today President Obama will announce two additional programs that his administration hopes will help improve the US housing market. The first is a required review by mortgage servicers of loans made to members of the US armed forces. The review was included as part of the mortgage and foreclosure settlement reached last month with several US banks.
The second program seeks to lower fees for current holders of FHA mortgages if they want to refinance their loans. The program could help 2-3 million FHA borrowers lower their monthly costs. Neither program requires Congressional approval.
For members of the US armed forces who were wrongfully denied lower-interest mortgages or were wrongfully foreclosed on, the new program provides compensation that is in addition to the recent $25 billion mortgage foreclosure settlement.
The White House press release is available here.
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