Housing and Urban Development Secretary Shaun Donovan said Sunday on CNN’s State of the Union that the administration would do everything we can to stabilize the U.S. housing market.

Whether it will resurrect the first-time home buyer tax credit is up in the air. Donovan said that the drop in home sales in July was worse than the administration expected.

Donovan also said that the Federal Housing Administration will launch an emergency loan program to help unemployed borrowers stay in their homes and a program to help underwater borrowers refinance.

Source: Bloomberg, Holly Rosenkrantz