HUD Launches National Homeownership Month
The U.S. Department of Housing and Urban Development (HUD) officially launched National Homeownership Month on Monday, which is a campaign that will refocus borrowers and help them become more responsible mortgage consumers.
The theme of the month — “Back to Basics” — is based on the principals of sound lending and the value of using common sense to build and sustain a home and a viable housing market.
HUD at the launch of its month-long program, said, “Many of those basics (verification of income, ability to repay) were ignored in the lead-up to the housing bubble. The Department will focus on helping families learn what the federal government is doing to help struggling homeowners; how to protect themselves against predatory lending; to better understand what goes into owning a home; and how to own a home they can afford.”
HUD says the Bush administration also hopes to educate more Americans about how to effectively use the Federal Housing Administration as a safe gateway into homeownership.
"Many Americans are facing the possibility of foreclosure and they need to be made aware of the options that are available to them through FHA," said Deputy Secretary Roy A. Bernardi. "To stop this cycle of foreclosure, Americans need to be better educated about the home buying process. They need to know what they are committing to when signing their name and know what mortgage best suits their needs." Kerri Panchuk
