Sen. Calls For Low-Interest Gov't Loans For Underwater Homes

Law360, Los Angeles (July 25, 2012, 7:59 PM EDT) -- Senate Banking Committee member Jeff Merkley, D-Ore., announced a proposal Wednesday to provide U.S. homeowners with government-sponsored low-interest mortgage refinancing, saying the move would boost the economy by helping 8 million American families who owe more than their homes are worth.

“There are millions of American trapped in high-interest mortgages, and that’s not just bad for them, it’s bad for neighborhoods hit by foreclosures and it’s a huge anchor on our economy,” Merkeley said Wednesday, unveiling a 30-page white paper titled “The 4% Mortgage: Rebuilding American...
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