In my dual capacity as chairman and founder of Operation HOPE and vice chairman of the U.S. President's Advisory Council on Financial Literacy, I was honored to join my friend L.A. Mayor Antonio Villaraigosa yesterday as Operation HOPE hosted U.S. Secretary Alphonso Jackson, also a friend to me and to HOPE, in South Los Angeles around the sub-prime mortgage crisis, its connection to financial literacy.
I was particularly gratified that Secretary Jackson decided to use this venue, in South Los Angeles, to announce incredibly helpful and new Federal Housing Administration guidelines now allowing those want or need a mortgage purchase loan or refinance as high as $720,000 today. This is more than a doubling of the FHA high limit lending guidelines, and is particularly significant for areas such as Los Angeles County and Orange County where average home prices are $500,000 and higher. I commend President George W. Bush and Secretary Jackson for making this happen. This new FHA guidelines has the potential of securing new mortgages for as many as 30,000 Californians and 250,000 homeowners nationwide. To Read the complete story here.
Onward and with HOPE,
John Hope Bryant