(CNSNews.com) – Wth no authorization from Congress, President Barack Obama has announced that his administration–through the Federal Housing Administration–will insure refinanced mortgages for 2 to 3 million borrowers without verifying their income or even if they hold a job, according to the Department of Housing and Urban Development (HUD).
Obama announced his latest mortgage program at a White House news conference on Tuesday.
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Any American with a mortgage insured by the Federal Housing Administration (FHA) endorsed on or before May 31, 2009 and who is current with their mortgage payments would qualify, according to HUD.
No additional underwriting, or examining the verification of income, employment status or creditworthiness, will be done.
“Basically that’s because they already have an FHA loan and that’s just refinancing the same loan,” HUD spokesman Lemar C. Wooley told CNSNews.com.
Read More at CNS News. By Fred Lucas.