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Plan to Help Hundreds of Thousands of Homeowners Faces Senate Vote

by Moe Bedard

The mortgage scandal plagued, and Senate will have a test-vote today on housing foreclosure rescue program. The Federal Housing Administration (FHA) would provide $300 billion in new, cheaper mortgages for struggling homeowners who otherwise would be considered too financially risky to qualify for government backed, fixed-rate loans.
A plan that will help hundreds of thousands of homeowners avoid foreclosure is drawing support [...]

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GOP criticizes mortgage plan

by Moe Bedard

House Democrats bring to the floor today a plan to stanch the home foreclosure crisis with measures that include government-backed mortgage refinancing and money for states to buy derelict homes, but Republicans say the $2.7 billion bill is nothing more than a “bailout scheme.”

Democrats bristled at the bailout accusation, saying their bill is tailored narrowly [...]

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