Senator Charles Schumer (D-NY), chairman of the Joint Economic Committee, believes the best way to combat the problems of subprime mortgages is to provide federal funding to helpful non-profits with practice and expertise in the area.
He says the Federal Housing Authority should work in conjunction with these non-profits to the knowledge of how to properly refinance. This immediate, emergency money would help prevent many foreclosures. (00:38)
April 11, 2007
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