Housing bill may save Michigan homeowners from foreclosure

As the West Michigan faces the foreclosure crisis and homeowners fight to keep their families in their homes, a new federal bill could rescue up to 15 percent of those homeowners and help to stabilize a struggling economy.

According to excerpts from the story:

GRAND RAPIDS—No legislation coming out of Washington could give Michigan what it truly needs for an economic recovery -- jobs -- but the housing bill signed by President Bush this week will throw some people a lifeline.

"We're going to be looking at the rescue option under FHA, we're going to be looking at the tax credit for home buyers, we're going to be looking at the higher FHA limits on lending," said Dan Grzywacz, president of Exchange Financial in Kentwood, citing elements that could help.

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