Senator envisions program to buy risky mortgages

The chairman of the Senate Banking Committee wants to create a Federal Homeownership Preservation Corp. and provide it with up to $20 billion to purchase mortgages from lenders and allow homeowners to refinance into government-backed, fixed-rate mortgages.

Sen. Chris Dodd, D-Conn., said the effort should be part of an economic stimulus bill being drafted by lawmakers, along with $10 billion in grants to local governments allowing them to buy and rehabilitate foreclosed homes

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