The Real Deal Miami

New housing bill depends on banks 

August 15, 2008 08:19AM

The newly-enacted federal housing bill, the Housing and Economic Recovery Act, is largely dependent on banks. Refinancing into the new government program requires approval from a borrower’s current lender. And if the home is in negative equity, the lender must also agree to reduce the amount owed to 90 percent of its appraised value.