Congress, Homeowner | featured news

...Critics worry that the FHA is foolishly allowing marginal buyers to get loans just three years after foreclosure with as little as 3.5% down. What's more, the agency doesn't even track how many rebound borrowers it backs. Exactly how much money is hemorrhaging from the agency could be revealed Thursday, when the agency files a self-evaluation report to Congress. Analysts say the FHA could request a bailout from the U.S. Treasury for the first time in its history.

U.S. President Barack Obama is urging the Republicans in Congress to pass legislation that would help responsible homeowners refinance their mortgages at historically low rates.

Seeking to make Congress a major issue in his re-election bid, President Obama called on lawmakers today to pass a bill designed to help struggling homeowners re-finance their properties.

Relishing a political victory, President Barack Obama said Tuesday that Congress "did the right thing" by extending payroll tax cuts for millions of Americans. He urged lawmakers to push forward on more measures, from assistance to struggling homeowners to increased taxes on the wealthy, saying the looming election was no excuse for inaction in Washington.