People faced with losing their houses because of onerous mortgage resets, plunging values or other financial issues may soon have a new way to deal with their problems.
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(WSJ) -- Congress is expected to pass legislation in coming days that could help hundreds of thousands of homeowners refinance into mortgages backed by the Federal Housing Administration -- if their lenders agree to forgive part of the loan balance. The legislation would greatly expand the role of the FHA -- a New Deal agency created to help revive the depressed housing industry of the 1930s -- and put it in the forefront of efforts to deal with the current housing crisis. "This is the most significant piece of housing legislation in a generation," says Francis Creighton, vice president of legislative affairs at the Mortgage Bankers Association. "It gives people the ability to get out of trouble."
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