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FHA lifts waiting period,extends insurance coverage

Fri Jun 13, 2008 2:38pm EDT

WASHINGTON, June 13 (Reuters) - The U.S. Federal Housing Administration is temporarily lifting its required 90-day waiting period to help stabilize neighborhoods flooded with foreclosed properties, the Bush administration announced on Friday.

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The latest effort will lift this waiting period that is normally required for homes entering the market to be purchased by owner-occupants and that will be financed through this federal mortgage guarantee program.

In addition, for a period of one year, the FHA will insure foreclosed properties marketed and sold by property disposition firms on behalf of lenders.

"A glut of foreclosed and abandoned homes harms neighborhoods, frustrates home buyers and delays a community's recovery," said Brian D. Montgomery, Assistant Secretary of Housing-Federal Housing Commission.

(Reporting By Joanne Morrison; Editing by Chizu Nomiyama)

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