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Housing Rescue Program Expands to Cover More Borrowers
Posted on July 3rd, 2009 No commentsFrustrated borrowers who have yet to benefit from the Obama administration housing rescue plan may be able to benefit from a new expansion to the program. The number of borrowers eligible for refinancing is being increased by the changes to the program.
Borrowers with mortgages worth 125% of their home’s value or less will now be eligible for refinancing under these new qualifications. Previously, mortgages worth 105% or less were only eligible. Read the rest of this entry »
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Consumer Protection Bill Sent to Congress
Posted on July 2nd, 2009 No commentsPresident Obama’s new consumer protection bill was sent to Congress today. The president says that the bill, which would create a Consumer Financial Protection Agency, would help protect consumers from corrupt business practices. It would do so by moving banks and non-banks onto the same level, enforcing the same rules between them all–allowing for fairness and more competition.
Mortgages would be monitored under the new agency, as well as payday loan providers, credit cards, and banking overdraft fees. Read the rest of this entry »