Congress recently passed a law that offers assistance for individuals and families who are facing forclosure. It is designed to help people who are in trouble due to subprime lending. There are many facets to the law, but the biggest help is a provision that allows some individuals to refinance their house for 90% of the original value.
This has to be worked out with the lender, but it gives some homeowners a break on their payments without totally ruining the lenders who made the loans. The government is also raising the limits on how much they will loan home owners to help some people shift loans over to the government.
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