Housing Bill to Overhaul FHA

A housing-rescue plan is in the works between President Bush and Congress, in order to help homeowners who are unable to make mortgage payments to avoid foreclosure. Part of the deal being considered involves a $300 billion plan to back cheaper loans for those at risk, as well as an overhaul of the FHA, which President Bush supports. As the mortgage market continues to slump, the Administration remains optimistic that changes such as those in the Housing Bill could lead to much needed relief for homeowners.

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