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July 25, 2008 12:23:49 PM CDT

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Senators Cut Tentative Deal on Housing

Posted Apr 2, 08 5:14 PM CDT in US,  Business,  Politics 

(Newser) – The Senate today struck a deal on a package of legislation intended to soften the impact of the foreclosure crisis, the New York Times reports. The bipartisan measures include $4 billion to help local governments buy foreclosed properties and $100 million for homeowner counseling. Harry Reid called the tentative deal, which Chris Dodd and Richard Shelby hashed out overnight, "good news for the American people.”

The compromise bill omitted a Democratic proposal to allow bankruptcy judges to adjust the terms of subprime mortgages, but it's expected to re-enter the debate as an amendment, the Washington Post reports. The package also doles out breaks for homebuilders and credits for buyers of foreclosed properties. The parties also reportedly struck a deal on new rules for the FHA.

Sources New York Times, Washington Post

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Senate Majority Leader Harry Reid of Nev., left, and Senate Minority Leader Mitch McConnell of Ky.   (AP Photo/Susan Walsh)
Senate Majority Leader Harry Reid of Nev., left, and Senate Minority Leader Mitch McConnell of Ky., right, listen to The Dalai Lama,   (AP Photo/Pablo Martinez Monsivais)
Senate Majority Leader Harry Reid of Nev., right, gestures while talking with Senate Minority Leader Mitch McConnell of Ky.   (AP Photo/Dennis Cook)
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housing crisis  • foreclosure  • Harry Reid  • Federal Housing Administration  • Mitch McConnell


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