The US Senate last Friday passed a new housing and foreclosure prevention bill.
Among other things, the bill seeks to provide more relief for borrowers facing foreclosure and it would modernize Federal Housing Administration (FHA) loan guidelines. It would also provide new regulatory oversight of Fannie Mae and Freddie Mac, government backed mortgage finance companies.
One of the bill’s key provisions would allocate $300 billion to refinance mortgages of certain borrowers which would otherwise be headed toward foreclosure.
The House is expected to take up the measure this week.
Source: http://online.wsj.com/article/SB121578592157145943.html?mod=googlenews_wsj
