March's Latest News

Sen. Clinton is helping out for subprime mortgage action

On Thursday Mar 15 th Hillary Clinton gave an address amid the widening subprime mortgage crisis.

The New York Democrat declared that she wants to introduce legislation to revise the Federal Housing Administration that will guarantee mortgages to low-income home buyers to have lower interest rates.

Also the chairman of the Senate Banking Committee has said that his members will hold a hearing to glance deeply into the catastrophe of the subprime sector of the U.S. mortgage market.

Christopher Dodd who is a Connecticut Democrat said he would try to find answers from central and state representatives as well as industry figures and that he will consistently look in to the matter and try to find solutions.

Clinton supports increasing the FHA loan boundaries for high-income areas to help more low-income home shoppers. She also said that she will stop a prepayment penalty that can trap the money borrowers.

A number of low-income housing advocates have asked for the founding of a national salvage fund to support these borrowers, and some better consumer laws that will end the out of the ordinary practices of bad lending practices. Clinton also added that the FHA should give consumers more advice and information on mortgages.

http://news.yahoo.com/s/nm/20070315/pl_nm/subprime_congress_dc_5