The government is doing all that it can to help high risk borrowers secure mortgage loans and a recent piece of legislation is evidence of that. With the Federal Reserve Board taking steps to cut federal interest rates recently, the United States House of Representatives is looking to help out sub prime lenders who are thought to have caused the real estate market turmoil to begin with.
The bill, which is expected to run through the House soon, is called the Expanding American Homeownership Act. It seeks to help people secure mortgage loans by expanding the capability of the Federal Housing Authority to take on more at risk borrowers. These risky propositions are often too dangerous for banks to consider, but the Federal government hopes to help these people out with their own insurance policy.
The primary goal of the new bill is to give power to the FHA, which stands as the biggest insurer of mortgage loans in the world, to give service to those who might otherwise negatively impact the regular market were they to secure loans through a standard lender. These folks, according to the thought of the federal government, are the kind that would fall victim to...
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