HUD Secretary Donovan: Refinancing Program Coming 'Very Soon'

"Donovan said the letter was coming "very soon" while speaking at the National Association of Real Estate Brokers (NAREB) conference in Fort Worth, Texas this week. Over the last 18 months, the Federal Housing Administration (FHA) has insured 30% of purchases and 20% of refinances in the housing market. During that time, FHA also helped 1.1m homeowners refinance and insured 1.4m mortgages. More than 80% of those were for first-time homebuyers."