Thursday, March 13, 2008

New Congressional Foreclosure Prevention Proposal Would Feature New $300 Billion FHA Refinance Program.

House Financial Services Committee Chair Barney Frank and Senate Banking Committee Chair Chris Dodd announced today their joint proposal to help reduce future foreclosures. Prominent is new $300 BILLION program to allow refinance into FHA loan product, with provisions for government to share (upon resale of later refinance) in any subsequent equity build up.

Bloomberg story HERE; Frank summary of the proposal HERE

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