Wall Street woes could accelerate housing agenda.
Nation's Cities Weekly, August, 2007 by Wallace, Mike
Although Congress is in recess through the month of August. trouble in the financial markets has kept House Financial Services Committee Chair Barney Frank (D-Mass.) and Senate Banking Committee Chair Christopher Dodd (D-Conn.) busy as they seek out ways to solve problems in the mortgage and financial markets.
At the center of the trouble is the faltering subprime mortgage market, which is sinking some investors and scaring others away, causing inexpensive access to credit to dry up. Without access to credit, families have a harder time qualifying for home loans and interest rates on "jumbo loans," currently defined as those above $417,000, rise.
This is especially troubling for families trying to refinance out of unaffordable adjustable-rate subprime...
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