Boston Herald (02/26/08); Kronenberg, Jerry
House Financial Services Committee Chairman Barney Frank, D-Mass., wants to earmark $5 billion that can be borrowed by states to purchase foreclosed properties at bargain prices as a means of bolstering the affordable housing stock, rather than allowing homes to sit vacant. His proposal also calls for $2 billion to allow the FHA to refinance struggling mortgages--provided that lenders are willing to write off a portion of the existing mortgages--and another $200 million to add more FHA staff and provide credit counseling to borrowers to curtail foreclosures. Meanwhile, Sens. John Kerry, D-Mass., and Gordon Smith, R-Ore., hope to provide affordable mortgages to cash-strapped borrowers by issuing $10 billion in tax-free bonds.
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