WASHINGTON — Draft legislation first announced by House Financial Services Chairman Barney Frank last March in response to the nationwide economic downturn caused by the housing and credit crisis will be marked up and voted on today and tomorrow.
The bills are divided into two measures: H.R. 5830, the FHA Housing and Homeowner Retention Act, is aimed at expanding the FHA program to help refinance at-risk borrowers into viable mortgages and also requires the Federal Reserve Board to conduct a study on the need for an auction or bulk refinancing mechanism. Subcommittee on Housing and Community Opportunity Chairwoman Maxine Waters introduced the second measure, H.R. 5818, the Neighborhood Stabilization Act of 2008. It will provide loans and grants to states and cities to deal with problems associated with large numbers of foreclosures in neighborhoods across the country.
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