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Panel eases rules for loan program

February 05, 2009|Times Wire Reports

A House of Representatives panel approved legislation that eases some requirements for the $300-billion HOPE for Homeowners lending program that has refinanced only 25 mortgages since it began in October.

The legislation, which now goes to the full House, lowers the costs for banks and borrowers participating in the program, which was designed to assist 400,000 struggling borrowers within three years.

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