Senate Passes Bill to Help Subprime Borrowers
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The Senate passed legislation yesterday that would make Federal Housing Administration loans available to subprime borrowers facing foreclosure.
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The widening U.S. housing finance  crisis prompted calls in Congress on Thursday for new scrutiny  of bond insurers and credit raters, while Senate Democrats  offered a rescue plan for troubled homeowners.
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'Project Lifeline' is the Bush administration's latest step to ease the woes from the subprime-loan debacle.
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The Senate passed a bill early Friday to increase aid to college students.
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The Senate gave tentative approval Tuesday to a bill that would create a special litigation fund to fight any lawsuits against state highways, such as the litigation that stopped construction of the Legacy Parkway.
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The U.S. Senate voted overwhelmingly on Friday to adopt legislation that would slash government subsidies to student loan firms and use the money saved to boost student aid by $20 billion and to reduce the federal deficit.
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Lenders will have to confirm that a borrower can afford a mortgage before making a loan under protections proposed by the Federal Reserve on Tuesday, following defaults and losses on U.S. subprime mortgages this year.
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A number of U.S. states are setting up funds to help homeowners with risky subprime mortgages refinance to more affordable loans in a bid to slow the rate of home foreclosures, The Wall Street Journal reported on its Web site.
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The bill approved Friday by the House and Senate would sharply cut subsidies to lenders and increase grants to needy students.
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The Senate voted to make it easier for thousands of homeowners with ballooning interest rates to refinance into federally insured loans
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The Senate passed a bill early Friday to increase aid to college students. The bill would give more money to Pell grant recipients, who are among the poorest
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The 79-12 roll call Friday by which the Senate passed a student loan bill.
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The House on Tuesday approved a plan to expand federal backing of mortgages in hopes of helping struggling homeowners avoid foreclosure
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Bankruptcy courts would be allowed to alter mortgages written by "predatory lenders" in moves that could save 600,000 Americans from foreclosure, according to the author of a bill introduced in the U.S. Representatives on Friday.
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The U.S. Senate approved a bill on  Thursday that was sought by business to curb class action  lawsuits and is part of President Bush's drive to overhaul the  civil justice system.
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The measures promise to protect borrowers from prepayment penalties and misleading loans.
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WASHINGTON, Sept. 18  â The House approved a plan on Tuesday to expand federal backing of mortgages in hopes of helping struggling homeowners avoid foreclosure.