WASHINGTON (Reuters) - Sen. Hillary Clinton, a New York Democrat, on Thursday called for incentives for lenders to identify troubled mortgages and offer "a foreclosure timeout" and possibly revise repayment terms amid the widening subprime mortgage crisis.
The presidential candidate also said she will soon reintroduce legislation to modernize the Federal Housing Administration (FHA). Clinton said she also favors raising FHA loan limits for high-income areas to help more low-income home buyers.
"I also propose a stop to prepayment penalties designed to trap borrowers," Clinton said in a speech to the National Community Reinvestment Coalition.
From Reuters
Friday, March 16, 2007
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