Federal Legislation Update — New Mortgage Rescue Proposal Leverages Federal Housing Administration Guarantees to Refinance Loans

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On March 13, 2008, House Financial Services Committee Chairman Barney Frank and Senate Banking Committee Chairman Chris Dodd announced proposed legislation designed to further combat the rising tide of mortgage foreclosures by allowing the Federal Housing Administration ("FHA") to insure and guarantee refinanced mortgages in exchange for significant write-downs by mortgage holders and lenders.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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