Mortgage bankers warn that the passage of the Foreclosure Prevention Act of 2008 would raise overall mortgage rates by 1.5 percent to 2 percent. The Mortgage Bankers Association today praised President Bush's threat to veto such legislation. "The provisions in the bill to amend the bankruptcy code and allow judges to rewrite mortgage contracts will only add to the existing market uncertainty and increase costs on all consumers at a time when exactly the opposite is needed," MBA said in a statement.
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