The Real Deal Miami

Rescue bill defers defaults

June 06, 2008 12:04PM

Proposals in the Senate and House of Representatives would insure up to
$300 billion in refinanced mortgages, preventing foreclosure for almost
2 million borrowers, according to Representative Barney Frank, who
backed the House’s bill. The plan, also backed by Senator Christopher
Dodd, a Connecticut Democrat, would force borrowers to continue making
their monthly payments if they can.