Associated Press (04/25/08); Davis, Julie Hirschfeld
HUD Deputy Secretary Roy Bernardi says the Bush administration opposes a proposal from House Financial Services Committee Chairman Barney Frank, D-Mass., that would ease FHA lending standards to enable $300 billion in mortgages to be refinanced through the agency. Bernardi says the plan is a "bailout" that poses significant risks for taxpayers, adding that a provision requiring lenders to write down a portion of the mortgages would restrict the number willing to participate in the program. In addition to the FHA legislation, Bernardi says a bill calling for $15 billion to be given to states to buy and rehabilitate foreclosed homes also would be vetoed by President Bush.
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