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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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