Multibillion-dollar bill to help homeowners advances in House
2:05p ET May 1, 2008 (MarketWatch)
WASHINGTON (MarketWatch) -- Members of the House Financial Services Committee voted to approve a multibillion-dollar package to aid strapped homeowners on Thursday, sending the measure to the full House for approval.
The bill, pushed by panel chairman Barney Frank, D-Mass., and other Democrats, would allow the Federal Housing Administration to back as much as $300 billion in refinanced loans for homeowners facing foreclosure.
Members passed the bill by a vote of 46-21.
Since LUM is full of fed backed loans and others, this will bode very well for their portfolio and also for other firms like them that hold FNMAE or FMAC or FHA type loans..
