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FORECLOSURES ARE RISING DRAMATICALLY ACROSS THE UNITED STATES. HELP IS AVAILABLE THROUGH THIS BLOG AND THE LINKS YOU WILL FIND THROUGHOUT THIS WEBSITE.

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Rep. Frank offers new foreclosure help plan By Ruth Mantell

Rep. Barney Frank, D-Mass., on Thursday announced a plan to "stem the significant rise in mortgage foreclosures" by enabling the Federal Housing Administration to insure and guarantee refinanced mortgages that have been significantly written-down by mortgage holders and lenders. Frank, chairman of the House Financial Services Committee, will seek input over the next few weeks. The current plan would permit FHA to provide up to $300 billion in new guarantees to help to refinance at-risk borrowers. In exchange for accepting a "substantial" write-down of principal, lenders or mortgage holders would receive payment from the proceeds of a new FHA loan if the restructured loan resulted in terms that the borrower "can reasonably be expected to pay." 

Posted: 12:43 PM, Mar. 20, 2008 		Add Comment