Mortgage entitlement in porkulus bill to cost at least $200 billion

U.S. Sen. Lindsey Graham supports an economic stimulus bill but said Monday the current version spends in the wrong places.“The underlying problem of the economy nationally and worldwide is housing,” the Republican said. “We have a lot of people in foreclosure and a lot more people heading toward foreclosure.”  Graham is working on legislation to give all homeowners the chance to refinance their mortgages at 4 percent interest. That would cost the government nearly $200 billion, he said, but would stabilize the housing market when combined with a larger tax credit for first-time homebuyers.

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February 3, 2009 · Filed Under bail outs


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