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The government should largely be prevented from interfering in the markets. Since they’re injecting money into the economy to ward off inflation (yes, an oxymoron at best), it’s anyone’s guess as to how “free” our market really is anymore. As such, with all the news of subprime mortgage problems lately, the government has decided to help the hardest hit by launching FHA Secure, which, according to the fha.gov website, will:
“…help an estimated 240,000 families avoid foreclosure by enhancing its refinancing program effective immediately. Under the new FHASecure plan, FHA will allow families with strong credit histories who had been making timely mortgage payments before their loans reset-but are now in default-to qualify for refinancing.
In addition, FHA will implement risk-based premiums that match the borrower’s credit profile with the insurance premium they pay-i.e., riskier borrowers pay more. This common-sense, risk-based pricing structure will begin on January 1, 2008.
“Many hard-working American families who were able to make their mortgage payments under the initial teaser terms of the exotic loan are now struggling to make ends meet because their rates have doubled or tripled,” said HUD Secretary Alphonso Jackson. “FHASecure will bring stability to the housing market and give eligible families who were in good financial standing before their loans reset a chance to keep their homes.”

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