WASHINGTON — A House panel discussed and at press time was scheduled to vote on a bill to create an insurance fund that guarantees up to $300 billion in refinanced mortgages.
House Financial Services Committee Chairman Barney Frank (D-Mass.) is sponsoring H.R. 5830 as a way to help persons facing home foreclosure. Under the measure, which Frank's office has estimated would cost between $3 billion and $6 billion, borrowers with loans worth more than the value of their home would be able receive a newer, more affordable government-backed loan.
Republicans contend that Frank's measure is too expensive and burdensome and are backing a bill that includes stronger registration and licensing requirements for lenders but no federal insurance fund for refinanced mortgages.
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