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McConnell Proposes Cheap, Government-Backed Mortgages to Stimulate Economy
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Contributor | Karma Policeman |
Last Edited | Karma Policeman Feb 03, 2009 04:56pm |
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Category | Proposed Legislation |
Media | TV News - FOX News |
News Date | Tuesday, February 3, 2009 10:00:00 PM UTC0:0 |
Description | Senate Republican leader Mitch McConnell on Monday demanded an amendment to the mammoth economic stimulus package to give government-backed, low-interest loans to homeowners -- a revision that he says will both increase the demand for houses and boost the average household income.
"We believe that a stimulus bill must fix the main problem first and that's housing," McConnell told reporters Monday in introducing a plan to offer fixed mortgages of 4 percent to "any credit-worthy borrower."
Under the "Fix Housing First Act" -- an amendment spearheaded by both McConnell and Republican Sen. Lamar Alexander of Tennessee -- new and refinanced mortgages would be available to homeowners for 4 to 4.5 percent. |
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