Associated Press (07/10/08); Davis, Jennifer Hirschfeld
Under a massive election-year mortgage rescue plan that is drawing support from both sides of the political aisle, the Federal Housing Administration (FHA) would guarantee up to $300 billion in new loans to provide struggling homeowners with more affordable, fixed-rate mortgages. The aid package also would allow lenders that agree to take a sizable loss on their mortgages to recoup at least some money and skirt a costly foreclosure. Additionally, the measure includes the long-sought modernization of the FHA and would create a new regulator for and tighter controls on Fannie Mae and Freddie Mac. The plan is far from the finishing line, however, with House legislators expected to rewrite several key portions and President Bush still threatening a veto.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment