Senate Banking Committee Chairman Christopher Dodd proposed creating a federal program to buy “very distressed” mortgages at steep discounts as part of economic stimulus legislation being developed in Congress. The Federal Homeownership Preservation Corporation would buy loans and finance them as 30-year fixed-rate mortgages to help keep borrowers from losing their homes, Dodd said today at a Washington news conference to outline the committee’s agenda.
The latest way the gummit is going to tax me to reward those who took risks that I chose to avoid. ARGH!
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