House Passes moment Half of Housing Rescue Plan Despite Veto Threat
The latest bill would allow lenders to reduce their
exposure to foreclosures whether they agree to cut the outstanding balance of
an existing loan, thus allowing homeowners to refinance into a new loan
that would be FHA insured. The reductions taken by
lenders are substantial and must be based on new appraisals that should
reflect current home pricing levels.
The Bush Administration has
opposed the
dear to the president’s heart - a revamp of the FHA and
greater government control by Fannie Mae and Freddie Mac.
Original post by Mortgage News Daily - Mortgage And Real Estate News
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