Housing Secretary Expresses Concerns With Mortgage Bill

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The legislation, passed by the House and pending in the Senate, would allow distressed borrowers to trade mortgages with rising payments for more affordable FHA loans if their lenders forgive a portion of the debt. If enacted, the FHA would take on riskier loans than it is used to, which could financially overwhelm the agency if safeguards are not in place, said Preston, who has been secretary for a month.

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