Speier amend. to help Bay Area homeowners
SAN FRANCISCO (KGO) -- The House is set to vote next Tuesday on a major housing rescue bill that for the first time would let courts erase mortgage debt of homeowners in bankruptcy.
Peninsula Congresswoman Jackie Speier is introducing an amendment to the bill that would help more struggling homeowners in the Bay Area refinance.
"Under the Obama plan, it would only apply to loans of over, right around $400,000, this is going to make it available to mortgages of up to $729,000," Speier said.
The modifications would only be available to Freddie Mac and Fannie Mae loans.
Speier was also one of the 10 House Democrats who voted against a $410 billion general spending bill yesterday; she said it contained too many earmarks.
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