Two of the most powerful US lawmakers overseeing the housing industry on Thursday proposed new measures to stem the wave of foreclosures, including between $300bn (€195bn, £149bn) and $400bn in federal guarantees for the refinancing of mortgages.
Chris Dodd, the Democratic chairman of the Senate banking committee, and Barney Frank, his counterpart on the House financial services committee, said their plan would involve an expansion of the Federal Housing Administration, which would back the new loans.
