Current Mortgage News
Struggling borrowers hold out for affordable loan
By Inman News, Wednesday, June 25, 2008.
$300 billion FHA expansion clears Senate hurdle
A plan to expand FHA loan guarantee programs by $300 billion to help troubled borrowers refinance into more affordable loans cleared a procedural hurdle Tuesday, as the Senate voted 83-9 to move forward on a debate. The “Housing and Economic Recovery Act of 2008” would also create a new regulator for mortgage financers Fannie Mae and Freddie Mac and assess them more than $700 million a year to cover the cost of expanding Federal Housing Administration loan guarantee programs.
Read the rest of the article about changes in the mortgage industry here.
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- Published:
- 06.25.08 / 9pm
- Category:
- Mortgages and Financing
- Tags:
- mortgages
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