Lawmakers say the legislation is needed to prevent the economy from getting worse.
The Senate bill would expand an existing $300 billion program called "Hope for Homeowners," which encourages lenders to write down an individual's mortgage if the homeowner agrees to pay an insurance premium. The program, which is set to expire in 2011, is intended to swap out a homeowner's high-interest rate for a 30-year fixed loan backed by the Federal Housing Administration.
Morey money-related links:
Get Action News on your website
