WASHINGTON (AP) - A senior administration official said President Barack Obama will announce housing initiatives to help members of the military as well as homeowners with mortgages insured by the Federal Housing Administration.
Obama will spell out the housing efforts during a news conference Tuesday. The official spoke on condition of anonymity to describe the programs before the president unveiled them.
FHA-insured borrowers would be able to refinance their loans at half the fee the FHA currently charges. That could save a typical FHA borrower more than $1,000 annually. Two million to 3 million borrowers would be eligible, the administration said.