Congress Taking Action In Subprime Fiasco
Thursday August 30, 2007
The Boston Globe reports Congress is working on some proposals to change mortgage practices to keep a similar situation from happening in the future.
FHA is being pushed to offer some loans to subprime borrowers at the same terms given to prime borrowers.
The Senate may approve $100 million for nonprofit agencies who help keep homeowners from losing their homes.
Consumers spoke out against CountryWide Financial, the nation's largest mortgage lender who might be forced to file bankruptcy. It's reported that the lender charged homeowners higher interest rates than initially promised, then charged high fees when they couldn't make payments.
The House and the Senate will be holding hearings to determine the cause of mortgage trouble.
I'm very much looking forward to their discoveries.
FHA is being pushed to offer some loans to subprime borrowers at the same terms given to prime borrowers.
The Senate may approve $100 million for nonprofit agencies who help keep homeowners from losing their homes.
Consumers spoke out against CountryWide Financial, the nation's largest mortgage lender who might be forced to file bankruptcy. It's reported that the lender charged homeowners higher interest rates than initially promised, then charged high fees when they couldn't make payments.
The House and the Senate will be holding hearings to determine the cause of mortgage trouble.
I'm very much looking forward to their discoveries.
Comments
This is like closing the henhouse after the fox is inside(TAX PAYER’S POCKET). A few greedy people can ruin the nation if our elected leaders are bought and paid for by special interest .VOTE OBAMA FOR CHANGE!