Mortgage bankers applauded legislation introduced last week by Sen. Hillary Rodham Clinton, D-NY, that would enable the FHA to offer alternatives to higher-cost subprime mortgage products, among them a 50-year mortgage product. Like its House counterpart H.R. 5121, Clinton’s S. 3173, “The 21st Century Housing Act,” would strengthen the FHA’s ability to provide new products to low- and moderate-income first-time homebuyers and minorities – a market once dominated by the FHA but whose share has…