WASHINGTON — A key House panel; on Thursday passed a measure to create an insurance fund that guarantees up to $300 billion in refinanced mortgages.
The House Financial Services Committee approved the bill 46-21, with nine Republicans joining all 37 Democrats on the panel to pass it.
Under the measure, sponsored by Committee Chairman Barney Frank (D-Mass.), borrowers with loans worth more than the value of their home would be able receive a newer, more affordable government-backed loan. Frank's office has estimated that the plan would cost between $3 billion and $6 billion.
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