02 Feb 09 Republicans Call for Additional Mortgage Relief
A top Republican called for more additional mortgage relief and more tax cuts in President Barack Obama‘s massive economic stimulus package as Democrats conceded privately they will drop items that have drawn bipartisan criticism. Senate Minority Leader Mitch McConnell, R-Ky., told reporters Monday that “a stimulus bill must fix the main problem first, and that’s housing.” He promised that Republicans would offer a plan to have the government step in to reduce mortgage interest rates to the 4% range, which could shore up home prices and lower housing payments for millions of Americans. Most government officials are behind a mortgage modification plan that would encourage mortgage lenders to offer loan workouts to help struggling homeowners. Read the complete loan modification article >.
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