"The thousands of Americans facing foreclosure because of the ballooning interest rates on their subprime mortgages would get help from the federal government under legislation overwhelmingly approved by senators Friday.
The legislation, approved 93-1, is the Senate's first attempt to address the looming subprime mortgage crisis through stand-alone legislation. Sen. Jon Kyl, R-Ariz., was the lone senator to vote no.
The bill would allow the Federal Housing Administration to back refinanced loans for tens of thousands of borrowers who are delinquent on payments because their mortgages are resetting to sharply higher rates from low initial "teaser" levels." Foreclosure
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