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5 key questions answered on housing relief act
Arizona Republic, AZ - Aug 17, 2008 The Housing and Economic Recovery Act of 2008, signed into law by President Bush on July 30, has sparked numerous debates over its mechanisms to assist struggling homeowners, future homebuyers and lending institutions. However, some of the complex law’s nuances are poorly understood, and certain provisions have received only a passing mention in news reports. In an effort to better explain the law, here are five key questions and answers:
Possibly the most significant hurdle is that lenders are not obligated to accept the refinancing plan. Also, there is a $300 billion limit on the cost of insuring all refinanced loans. |
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