Middle class mortgage bill gets first OK in legislature

Lawmakers have passed on the initial reading a measure to create a fund to provide mortgages for middle class wage earners.

The money would come from securities issued by state banks.  The measure passed without opposition.

The bill contemplates that state banks, and some private banks and credit agencies will take advantage of the plan.  Middle class wage earners would be eligible for 100 percent loans of up to 85 million colons or about $170,000 at 15 percent.

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