Helping Families Save Their Homes Act
Thursday, May 21, 2009 at 12:50PM Obama signs bill expanding mortgage relief
This act calls it second chance to save homes, but people should live within means.
President Barack Obama signed it into law on Wednesday. The law encourages lenders to adjust a mortgage if the homeowner agrees to pay an insurance premium. The program looks to swap out a homeowner's high-interest rate for a 30-year fixed loan backed by the Federal Housing Administration.
"Too many administrative and technical hurdles made it very difficult to navigate, and most borrowers didn't even bother to try, and this bill removes those hurdles, getting folks into sustainable and affordable mortgages and, more importantly, keeping them in their homes." Obama said.
The purpose of it is to amend title 11 of the United States Code with respects to modification of certain mortgages on principal residence and for other purposes.
The bill also extends throug 2013 an increase in deposit insurance by the FDIC from $100,000 to $250,000.
To view the entire act as viewed by Congress go to: http://www.govtrack.us/congress/billtext.xpd?bill=h111-1106
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