MBA's Courson Welcomes Additional Flexibility on FHA's Hope for Homeowners Program

John A. Courson, Chief Operating Officer of the Mortgage Bankers Association (MBA), today issued this statement following the announcement by Secretary of Housing and Urban Development (HUD) Steve Preston of changes to the Hope for Homeowners program to expand eligibility and lower costs on borrowers and lenders who participate.

'Mortgage lenders welcome the additional flexibility that today's changes to the Hope for Homeowners program will provide. Hope for Homeowners is an important tool that lenders can use in the fight to keep families in their homes and out of foreclosure.

'Expanding the eligibility criteria and making the program less expensive for both the borrower and the lenders will allow us help more borrowers. By agreeing to immediately compensate subordinate lienholders, HUD is providing additional incentive for those lienholders to release their liens, which will free more borrowers to access the Hope for Homeowners Program.

'We look forward to working with officials at HUD to continue to improve this and the other foreclosure avoidance programs and products that they have created. The more effective tools lenders have at their disposal, the more we can help troubled homeowners. For that reason, we are also encouraging HUD to continue the FHA Secure program.'