WASHINGTON (Reuters) – The current national housing crisis will continue to cause disruptions in the economy as interest rates increase on more mortgages and more home loans
fail, the top U.S. housing policymaker said on Thursday.
“We know that much of this issue is still in front of us,” Steve Preston, secretary of the Department of Housing and Urban Development, told a government housing conference.
“We are going to see a lot of (mortgage rate) resets coming our way over the next year. We also know that many people have lost equity in their home,” he told the meeting sponsored by the Mortgage Bankers Association. “We all need to get creative to handle that challenge.”
(Read more in www.mbroker007.com)
Advertisement
