Skip to: Content
Skip to: Site Navigation
Skip to: Search

July 24, 2008 7:42:59 AM CDT

Learn about Newser Points »

« Back to the grid | Next story »

Senate GOP Stymies Dem Housing Relief

Posted Feb 29, 08 8:51 AM CST in Politics 

(Newser) – Capping a week of gridlock, GOP senators yesterday blocked consideration of a Democratic-backed housing-relief bill. The mortgage industry had fought hard against the proposal, which would allow judges to slash interest rates for low-income homeowners facing bankruptcy, the Washington Post reports. The bill also included billions of dollars for local communities to buy up subprime mortgages.

GOP critics charged the bill would decimate the housing market, and President Bush called on Congress to give this month's $168B stimulus package a "chance to kick in" before considering other measures. Sen. Richard Durbin, retorting that Bush's remarks come "straight out of the Herbert Hoover playbook," called the issue a choice between mortgage bankers and families facing foreclosure.

Source Washington Post

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Mortgage Insurers Feel Pinch, Pull Back on Loans

    Jul 15, 08 9:51 AM CDT
    Mortgage Insurers Feel Pinch, Pull Back on Loans Mortgage insurers facing mounting defaults are tightening their standards, adding another hurdle for potential homebuyers, the Wall Street Journal reports. Beleaguered and risk-averse banks are making more mortgage applicants apply for insurance, just as insurers are declaring more parts of the country “declining markets.” making insurance harder to obtain. The result is “wreaking havoc” on the industry, one bank representative tells the Wall Street Journal. More »

  • Bush Readies Mortgage Bailout

    Mar 29, 08 6:48 AM CDT
    Homeowners facing foreclosure could soon be getting a helping hand from the Bush administration, the Washington Post reports. Details are being finalized on a plan that would see portions of loans forgiven for people who now owe the bank more money than their house is worth. The remainder would be refinanced into smaller mortgages backed by public funds. More »

  • Hotline for At-Risk Loans Not So Helpful

    Mar 13, 08 3:46 PM CDT
    Hotline for At-Risk Loans Not So Helpful A hotline aimed at helping distressed mortgage borrowers is frequently overwhelmed by caller volume and rarely able to provide substantive aid, MSNBC reports. The Hope Now Alliance—a group of lenders and community groups heavily promoted by President Bush—is designed to improve lender-borrower communication and modify mortgages, most commonly interest-rate freezes on adjustable-rate mortgages. More »

  • Paulson Raps Mortgage Rescue Plans

    Feb 28, 08 7:06 AM CST
    Paulson Raps Mortgage Rescue Plans Homeowners burned by the subprime mortgage meltdown shouldn't be looking to the federal government for help, Treasury Secretary Henry Paulson told the Wall Street Journal yesterday. Facing down mounting congressional pressure for stronger measures to stem an epidemic of foreclosures, Paulson dismissed proposals on the table as "bailouts" for reckless lenders, investors and speculators. More »

  • Negative Equity Adds Another Crippling Factor

    Jan 31, 08 6:45 PM CST
    Negative Equity Adds Another Crippling Factor Foreclosure is scary enough, especially at its current pace—79% more US homes foreclosed in 2007 than the year before. But, Forbes writes, the housing crisis is dumping an even scarier problem on mortgage holders around the country: negative equity, in which a mortgage is worth more than the house for which it was borrowed. More »

Senate Majority Leader Harry Reid of Nev., left, accompanied by Sen. Richard Durbin, D-Ill., center, and Sen. Jack Reed, D-R.I., gestures during a news conference on the housing crisis, Thursday, Feb....   (Associated Press)
U.S. Sen. Mel Martinez speaks to members of the Tiger Bay Club, a bipartisan group of business people and politicians in Orlando, Fla., Monday, Nov. 12, 2007. Martinez says the Democrats' relief plan...   (Associated Press)
Senate Majority Leader Harry Reid of Nev., second from left, meets reporters on Capitol Hill in Washington, Thursday, Feb. 7, 2008, after Senate Democrats and Republicans reached agreement on an economic...   (Associated Press)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Threads (1 of 2)

Tags

George W. Bush  • subprime mortgages  • housing crisis  • foreclosure  • mortgage lender  • Mel Martinez  • Richard Durbin



Today's Most Popular


Other Politics Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »