Democratic House just passes bill to increase federal government's involvement in the mortgage and housing industry.
The bill would allow the FHA to refinance loans for homeowners that are behind on payments because of sharp rate chages. One Democratic house member is quoted as saying it could help 250,000 families.
It would also raise the amount of money FHA would be allowed to lend. This is a problem in areas where houses are astronomically high.
The Senate has a similar measure which it will vote on Wednesday.
Here is a link to a great article on this.
http://ap.google.com/article/ALeqM5hhsOwOsGhKflopz_JpXK3wHVsCTA
The bill must still go thru the Senate, and then to the President's desk for approval. Currently many Republicans are against the measure, and the President is uncomfortable with the cost.
JP McClelland, Esq
The Law Firm of JP McClelland
115-A New Street
Decatur, Georgia 30030
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