FHASecure Saves 200,000 Borrowers

 The Department of Housing and Urban Development (HUD) announced Thursday that the Bush administration's enhanced FHASecure program—an initiative that allows distressed borrowers with good credit histories to refinance into safer FHA insured loans—has saved 200,000 troubled borrowers since its launch in September of 2007.

HUD says in the past three months alone, FHASecure doubled the amount of borrowers who have attained relief through FHASecure.

"From September 2007 to February 2008, FHA insured 100,000 refinanced mortgages," HUD said in a press statement. "As more homeowners continued to learn about the benefits of FHA's traditional 30-year fixed, prime-rate financing, FHA-backed another 100,000 loans in half the time."

FHASecure is expected to help even more homeowners when new initiatives, like the provision expanding aid to subprime borrowers, take effect in July. A Bush administration plan announced in April also will allow eligible borrowers with subprime loans to refinance into FHASecure mortgage loans.

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