Zero Downpayment Program Would Harm Hard Working Families and Further Distort Our Unbalanced Housing Policy

Zero Downpayment Program Would Harm Hard Working Families and Further Distort Our Unbalanced Housing Policy: "Proposal Overlooks Rising Foreclosures and More Pressing Housing Needs
WASHINGTON, June 30 /PRNewswire/ -- Establishing a federally insured zero downpayment mortgage program through the Federal Housing Administration (FHA) would likely hurt the very people Congress is trying to aid and would further skew our limited housing resources away from solving the nation's most pressing problems, the National Multi Housing Council (NMHC) and National Apartment Association (NAA) told Congress today.
In a statement to the House Subcommittee on Housing and Community Opportunity, NMHC/NAA told lawmakers that with FHA foreclosures at an all-time high and talk of housing bubbles increasing, now is not the time to place more hardworking families in jeopardy."
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