A recent article published on HousingWire.com reveals that the Department of Housing and Urban Development (HUD) has decided to cut the FHA Secure troubled borrower refinancing program as of December 31, 2008. This decision results from the program’s inability to address the widening scope of borrowers who are facing foreclosure and in need of modifying their home mortgages.
HUD released news of the program’s termination in Mortgagee Letter 2008-41 on Friday, December 19.