Housing Help
Understanding New Law
WASHINGTON (AP) - He had once threatened to veto it -- but President Bush has signed a rescue measure for homeowners in trouble.
It includes 300 billion dollars in new loan authority for the government to back cheaper mortgages for homeowners facing foreclosure. Homeowners who cannot afford their payments can now refinance into more affordable government-backed loans.
White House spokesman Tony Fratto says the Federal Housing Administration will begin to implement the new policies right away.
***You can learn more about the law and how it affects you at a meeting in Kalamazoo this morning. It's hosted by the Home Builders Association of Greater Kalamazoo. The meeting starts at 8:30 at the group's office. It's located at 5700 W. Michigan Avenue in Kalamazoo.
