Momentum builds for foreclosure relief

An article from CNNMoney.com, reports that key legislators, Bush administration officials, banking regulators and the presidential candidates have agreed on the idea of letting the Federal Housing Administration back new loans for homeowners at risk of foreclosure.  All of the plans that have been proposed would let the FHA insure mortgages for troubled borrowers whose lenders voluntarily write down loans to an affordable level.  Once refinanced, the loans could be sold to investors, which in turn could jump start the mortgage market as a whole.  Details, such as which borrowers would be eligible and how the program would be funded, still need to be worked out between Democrats and Republicans.  Jaret Seiberg, senior vice president at the Stanford Group said, "Given election-year pressure and the lack of differences between plans, it's hard to see how they can't get this done."  House Financial Services Chairman Barney Frank said, "I think there's a very good chance - much better than even - that we could put together a package that, while the president wouldn't be thrilled with every piece of it, there'd be enough that he wanted so that we could get his signature."
http://money.cnn.com/2008/04/18/news/economy/fha_rescue_plan_odds/index.htm?postversion=2008041815

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