Friday, May 22, 2009

Obama signs mortgage, fraud bills

President Barack Obama yesterday signed bills yesterday to reform the U.S. financial and housing market, and to protect U.S. consumers from fraud.
The Helping Families Save Their Homes Act expands an existing $300 billion program that encourages lenders to write down an individual’s mortgage if the homeowner agrees to pay an insurance premium. Among other things, the program, set to expire in 2011, would swap out a homeowner’s high interest rate for a 30-year fixed loan backed by the Federal Housing Administration.

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