Government Needs to Help Buyers of HUD Homes More: Housing Chief

The Secretary of Housing and Urban Development has recognized the plight of buyers of HUD homes by recently stating that they need to be given more support by the government. The statement came from Shaun Donovan in a round table discussion with people from Consolidated Credit Counseling Services and Alcee Hastings from D – Miramar that was held in Fort Lauderdale.

Shaun Donovan also stated that the United States government can provide this greater help by simply passing the “To – Do List” put forth by the President of the country, Barack Obama. The list from Obama focuses on a series of wide ranging reforms designed to help the mortgage refinancing industry of the country. According to officials, the reforms have the potential to help many homeowners in the country recapture equity in their homes.

While the sale of cheap homes in the country is rising along with the offloading of HUD homes, certain quarters of the industry watchers state that this improvement can be low-key in nature as the number of foreclosures are still expected to be high. The problem with existing instruments, as per many HUD homes buyers and cheap homes sellers, is that lenders are uncooperative and government backed programs are too restrictive.