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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. Under the legislation, lenders that chose to take part in the voluntary program would agree to receive 85 percent of the current assessed value of the house, while the borrower would receive a refinanced loan equal to 90 percent of that new assessed value.

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