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Local News / Business

Friday, 11 July, 2008 4:22 AM

U.S. Secretary of Housing and Urban Development Steve Preston Announces Expansion of FHASecure Program

PHOTO BY JASON RZUCIDLO / ©AMERICAJR.com

This meeting of the Detroit Economic Club was held inside the MGM Grand Casino Hotel.


PHOTO BY JASON RZUCIDLO / ©AMERICAJR.com

Steve Preston said: "Lenders are coming to the table...we will work out a loan for you. More and more lenders realize they have to deal with borrowers."

 

PHOTO BY JASON RZUCIDLO / ©AMERICAJR.com

Preston said: "Many of these mortgage companies have gone bankrupt. Seventeen months of housing stock. Large inventory. Low buying rate."

 

PHOTO BY JASON RZUCIDLO / ©AMERICAJR.com

Preston takes questions from the media in a press conference following the meeting.

 

PHOTO BY JASON RZUCIDLO / ©AMERICAJR.com

The secretary said: "The upper midwest region has high foreclosure rates. A big section of the country is going thru the same thing. All money programs have been thwarted."

 

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