Will Washington fix the foreclosure crisis? »
By Chip Parker, Jacksonville Consumer Attorney on May 13, 2008 in Foreclosure News, mortgage reform | 0 Comments
On May 8th, foreclosure prevention legislation, authored by Rep. Barney Frank (D. Mass.), was passed by the House of Representatives. Despite significant Republican support, President Bush promises to veto.
Under the proposal, if lenders agree to accept 85% of the current appraised mortgage value, the Federal Housing Administration (FHA) will refinance the loan for the borrower. [...]
