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WASHINGTON (AP) - Prospective home buyers would get easier-to-understand information on mortgage terms and save an average $700 in closing costs under a proposal to be unveiled Friday by President Bush.
The proposed overhaul to a 1974 law requiring lenders to give what's called a "good faith estimate" is aimed at making it simpler for consumers to comparison shop when they buy a house or refinance a mortgage.
It's the latest in a series of White House initiatives to help end a housing market crisis that has stalled the U.S. economy and sparked global financial market turmoil.
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