HUD Chief Boosts Universal Refinancing
HUD Secretary Shaun Donovan spent an hour today with area mayors at the Mid America Regional Council promoting Obama Administration Housing Issues.
The push centers on help for financially troubled Missouri homeowners.
Donovan said he expects a vote on Capitol Hill in the next few weeks on the plan to help homeowners whose mortgages are not Fannie Mae, Freddie Mac or FHA and are stuck with unaffordable payments- “one of the most important things we can do, with the lowest interest rates in half a century, it to help those families refinance, put more money in their pockets and, by extension, allow them to help lift the economy around them by increasing consumer spending.”
The Cabinet Secretary also promoted “Project Rebuild” which renovates foreclosed and empty houses. Donovan said the program could create a thousand jobs in Missouri.
Mayors brought their own concerns to the closed-door meeting. Raytown’s David Bower later told KCUR his town is interested in neighborhood stabilization programs, rehabbing districts where foreclosures have been heavy.