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Daily Real Estate News | May 12, 2008
Senate to Wrestle With Home-Loan Package
It is now the U.S. Senate's turn to craft its own version of homeowner rescue legislation, following the U.S. House of Representatives' approval last week of a home-loan package aimed at easing the foreclosure crisis.
The White House has released a statement threatening to veto any bill that "would force the FHA and taxpayers to take on excessive risk, and jeopardize FHA's solvency."
The Bush administration says it's worried that lenders would seek to use the new law to transfer their highest-risk loans to the federal government.
Meanwhile, Pew Center on the States research shows that American homeowners are falling into foreclosure at a rate of 7,000 to 8,000 per day.
Source: Christian Science Monitor (05/12/08)
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