House Eyes $300B Bill To Address Mortgage Crisis

Law360, New York (March 14, 2008, 12:00 AM EDT) -- The U.S. House of Representatives Committee on Financial Services has put forward legislation that would allow the government to back refinanced mortgages and provide states with funds to buy up foreclosed homes, part of a new package of bills aimed at stymieing the sweeping housing crisis.

The FHA Housing Stabilization and Homeownership Retention Act, introduced on Thursday, would allow the Federal Housing Administration to provide as much as $300 billion in new guarantees to refinance borrowers who face foreclosure into affordable mortgages. In addition, it would...
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