"This is not about making hasty, rash decisions or enabling unqualified borrowers with new loans," says Anderson. "This is about common sense, responsible lending. Thousands of homeowners want to do the right thing -- they want to keep paying their mortgage payments on time. This proposal is designed to help borrowers that are caught in the middle -- people that have good credit, but because of an unstable housing market, are unable to sell their homes or refinance out of higher interest rate loans to make their debt loads more manageable."

To protect lenders and prevent further damage to the lending industry, Anderson suggests mandating mortgage insurance backed by the federal government on each new loan, but rather than protecting to the standard 22 percent, it should protect the lender to 30 or 40 percent.

To protect borrowers from unscrupulous practices, Anderson suggests that closing costs should be capped as well. As an added benefit, the federal government would receive a monthly influx of revenue from the monthly mortgage insurance premiums paid by borrowers.

"With the number of struggling homeowners, and the proven success of the government's existing streamline refinance programs, this is an idea whose time has come," says Anderson. "It certainly offers a positive alternative to the current practice of waiting until a borrower is 60 days late before extending a helping hand. While the program isn't designed to single-handedly save the housing industry, it is designed to help a significant segment of American homeowners, and in doing so, to provide a strong building block to getting the nation back on its feet."

About Rodney Anderson

Rodney Anderson is the executive director and senior managing partner of Rodney Anderson Lending Services in Plano, TX, a division of Supreme Lending, a nationwide broker/banker with over 100 branches nationwide. Rodney has over 25 years of experience, and is the #1 FHA/VA lender in the country, the top originator in the state of Texas, and the #4 originator in the United States. A renowned mortgage and credit expert, Rodney has appeared on national television shows such as CNBC's On the Money, as well as on local shows such as WFAA Channel 8's Good Morning Texas, and on the Evening News of CBS 11 and TXA 21. He also hosts a weekly radio show and is frequently quoted in national and local print publications. For more information on Rodney Anderson, please visit http://www.rodneyanderson.com/ or call (972) 985-5208.

PRESS CONTACT:
Jeri Yoshida
Strategic Vantage Marketing & Public Relations
(310) 396-8813
This e-mail address is being protected from spambots. You need JavaScript enabled to view it . PR Newswire