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House votes to expand U.S. mortgage backing
Associated Press
Published September 19, 2007
WASHINGTON - The House approved a plan Tuesday to expand federal backing of mortgages in hope of helping struggling homeowners avoid foreclosures. The bill, which passed the House 348-72, 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. The measure, which exceeds limits favored by the Bush administration, is Congress' first stand-alone bill in response to the mortgage-market tumult, which comes amid a rising tide of defaults and foreclosures. The Senate passed spending legislation last week that includes $200-million to provide aid to nonprofits and other groups that offer counseling and information to help homeowners avoid foreclosure.
[Last modified September 19, 2007, 01:09:22]
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by Jane
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09/19/07 02:43 PM
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FHA insures mortgages for low and middle-income borrowers. Those people can't afford $700K houses. If they misstated their income and now can't afford the payments, tough. Let the bank foreclose. There are plenty of condos to rent-with granite!
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by Eric
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09/19/07 02:42 PM
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Why are we bailing out bad loans with tax money...?
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by AJ
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09/19/07 12:54 PM
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Now, over priced home values are officially sanctioned with your already high tax dollars. Wall Street applauds and the public applauds to their own demise. 400k homes will be the old 150k homes. Look out, house inflation here we come!
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by Jerry
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09/19/07 05:33 AM
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Now people who bought more house than they can afford, can keep living at those nicer digs for awhile longer. Those of us who lived within our means now can't afford a home because of prices and our age, will help them with our taxes. What a country.
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