« Option One Portfolio | Main | Fed to Unveil Home Mortgage Plan »
December 21, 2007
Senate Approves Two Mortgage Bills
A pair of bills intended to help subprime mortgage borrowers were passed by the Senate on Dec. 14. One measure would revamp the Federal Housing Administration loan program. While the House version of the legislation is more far-reaching because it would permit higher loan limits and zero down payments as well as institute risk-based premiums, a compromise should be quick, according to Sen. Charles Schumer, D-N.Y. The other bill would exempt mortgage debt forgiven via modification or refinance from income taxes.
Posted by S. Germain at December 21, 2007 08:02 AM