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Wednesday, April 2, 2008

Lawmakers reach mortgage fix deal

April 02 2008
Senate leaders reached a deal on Tuesday that could expedite help for the troubled housing market. But hurdles remain and time is running out. Congress needs to act fast. Nationwide, 1.5 million subprime adjustable-rate mortgages will reset to higher interest rates this year. Many of those borrowers are vulnerable to foreclosure either because their monthly payments will become unaffordable when the rate changes, or they already are having trouble making their payments.

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