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It used to be that refinancing home mortgage was to avoid foreclosure and was necessary for irresponsible borrowers.
But now because of a shaky and unstable economy complicated by low wages and the possibility of job lay-offs many families are needing mortgage help in order to stay in their homes.
The Emergency Economic Stabilization Act of 2008, commonly referred to as a bailout of the U.S. financial system, is a law authorizing the United States Secretary of the Treasury to spend up to US$700 billion to purchase distressed assets, especially mortgage-backed securities, and make capital injections into banks. |
