Released: May 04, 2007

House panel passes FHA reform

Source: Reuters

A U.S. congressional committee on Thursday voted to reform a Depression-era housing program that could save many subprime borrowers from foreclosure.

The House of Representatives Financial Services Committee approved by a vote of 45 to 19 a bill to reform the Federal Housing Administration, which guarantees loans to low-income borrowers and helps them qualify for low interest rates from lenders.

Read Full Article: House panel passes FHA reform