Contra Costa Times: Law would help veterans homeowners

Lisa Vorderbrueggen wrote about Congressman McNerney’s efforts to help veterans who face exploding monthly payments on adjustable rate mortgages or the prospect of foreclosure keep their homes.

From the Contra Costa Times:

Military veteran homeowners struggling under the weight of rising subprime mortgage payments could see a rise in the federally backed refinance loan cap in legislation that passed out of a congressional committee this week.

Rep. Jerry McNerney, D-Pleasanton, wrote an amendment to the Helping Our Veterans Keep Their Homes Act of 2008 that would increase the existing $144,000 loan cap to $729,750.

The lower figure is useless in Northern California, especially in the Bay Area where housing prices are among the highest in the nation.

"We have heard complaints about the low, $144,00 figure in the past, but now, it's a crisis," McNerney said. "We had bipartisan support for the legislation in the subcommittee, and I can't imagine why anyone would oppose it."

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