Capito Praises Proposed FHASecure Expansion

Statement

Capito Praises Proposed FHASecure Expansion

Expansion Follows Capito Letter to Federal Housing Administration Commissioner

Rep. Shelley Moore Capito (R-WV) applauded this morning's announcement that the Federal Housing Administration will move to expand FHASecure, a housing-insurance program that assists homeowners struggling to make mortgage payments.

"The proposed expansion of FHASecure presents a sustainable and efficient way to enhance support for struggling homeowners," noted Capito. "Estimates suggest that an expanded FHASecure program could assist hundreds of thousands of homeowners who are struggling with a high interest rate, or facing the prospect of an interest rate spike."

The FHA announcement comes after Reps. Capito and Judy Biggert (R-IL) sent a letter encouraging the expansion.

"I applaud this move by Commissioner Montgomery and believe that this is a wise, sustainable and efficient effort that can accomplish goals of both Democrats and Republicans," added Capito.

"It's imperative that we combat home foreclosures, protect home values and support homeowners. The expansion of FHASecure gives us an opportunity to provide assistance quickly while also acting responsibly with taxpayer dollars."

In their letter to FHA Commissioner Brian Montgomery, Capito and Biggert expressed their support for expanding FHASecure.

"While Congress puts the finishing touches on FHA modernization legislation, we urge you to finalize details of your proposal and administratively expand FHASecure as soon as possible," they wrote.

"As you know, foreclosures are on the rise and the more qualified homeowners that we can help keep in their homes the better. We think it's wise to help troubled homeowners refinance through FHA. It's a way the government can help without spending taxpayer dollars on an inappropriate bailout."

Under the FHA proposal, eligibility requirements for FHASecure would be revised to expand the program's availability to thousands of additional homeowners.

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