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H.R. 5830, the Frank-Dodd FHA Refinance Plan, Is Still the Wrong Policy for the Housing Mess

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Publication Date: May 2008

Publisher(s): Heritage Foundation (Washington, D.C.)

Author(s): David C. John

Series: WebMemo

Topic: Banking and finance (Credit and loans)

Keywords: Economy; mortgages; subprime; bailout

Type: Brief

Coverage: United States

Abstract:

Chairman Barney Frank (D-MA) of the House Financial Services Committee has proposed H.R. 5830, which would use the Federal Housing Administration (FHA) to refinance at-risk mortgages at a lower interest rate in return for a cash fee.