Mortgage news

News, trends and analysis of the mortgage and credit market

Tuesday, September 18, 2007

House votes to aid struggling homeowners

September 18 2007
The House on Tuesday approved a plan to expand federal backing of mortgages in hopes of helping struggling homeowners avoid foreclosure. Despite some White House objections, the Bush administration and House Democrats took conciliatory stances pointing toward resolving their differences. The bill passed the House 348-72. It would allow the Federal Housing Administration, which insures mortgages for low- and middle-income borrowers, to back refinanced loans for tens of thousands of borrowers who are delinquent on payments because their mortgages are resetting to sharply higher rates from low initial "teaser" levels.


See Today's Mortgage Rates

Email this article to a friend | Send us a comment


Post a Comment

Subscribe to Post Comments [Atom]

Links to this post:

Create a Link

<< Home