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News Sen. Clinton is helping out for subprime mortgage action On Thursday, March 15th Hillary Clinton gave an address amid
the widening subprime mortgage crisis. The New York Democrat declared that she wants to introduce legislation
to revise the Federal Housing Administration that will guarantee
mortgages to low-income home buyers to have lower interest rates. Also the chairman of the Senate Banking Committee has said that
his members will hold a hearing to glance deeply into the catastrophe
of the subprime sector of the U.S. mortgage market. Christopher Dodd who is a Connecticut Democrat said he would try
to find answers from central and state representatives as well
as industry figures and that he will consistently look in to the
matter and try to find solutions. Clinton supports increasing the FHA loan boundaries for high-income
areas to help more low-income home shoppers. She also said that
she will stop a prepayment penalty that can trap the money borrowers. A number of low-income housing advocates have asked for the founding
of a national salvage fund to support these borrowers, and some
better consumer laws that will end the out of the ordinary practices
of bad lending practices. Clinton also added that the FHA should
give consumers more advice and information on mortgages.
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