The following a summary of the White house news wire April 4th 2008.

Unemployment rose to 5.1% as the mortgage crisis continues to impact the economy as a whole. The economic stimulus package which will reach tax payers starting next month should have positive impacts on the economy.

The administration is working on expanding the FHASecure refinance program which is designed to assist homeowners who had good credit until their mortgage adjusted or they could otherwise not afford it. They are currently looking into ways the program can be expanded to help more American Homeowners.

Modifications made to RESPA to mandate that a standard plain text summary of the mortgage terms be made as part of the loan agreements. This was done to provide more accurate info about complex debt instruments to the average American.

Bush signed the Mortgage Forgiveness Debt Relief Act of 2007 into law. This creates a 3 year window for borrowers to refinance without paying and taxes on any forgiveness they receive from their bank or any other organization.

Bush urges that congress pass the FHA modernization act to ensure that the FHA remains up to date in the current economic climate.

Discuss the news here