On Friday, President Bush outliined a program to help homeowners struggling with high interest rate keep their homes. "What the President is talking about is utilizing the FHA program which is underwritten by the Department of HUD and seeing if they can come up with a refinance program," said Nothnagle.
"It's not the governments job to bail out speculators or those who made the decision to buy a home they knew they could never afford," said Presdent Bush.
Overall Nothnagle says the Greater Rochester area hasn't experienced the rate of bank foreclosures as some larger cities, still she says any reform is good for the homeowners and lenders. "Anything that can be done to simplify the process for people that are in higher cost loan to refinance to todays market is beneficial to everyone," added Nothnagle.