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July 24, 2008 8:02:31 AM CDT

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Critics: Senate Plan Not Enough

Posted Apr 3, 08 11:55 AM CDT in Politics,  Business 

(Newser) – The Senate’s first major step toward trying to make sense of the US mortgage mess is a needed salve to businesses caught in the chaos, but it doesn’t go far enough to help homeowners, critics say. Lawmakers contend the plan is a start toward addressing a multitude of problems resulting from a devastating housing slump, reports the Los Angeles Times.

The deal, which could be approved this week, doesn’t include a contentious provision to allow bankruptcy judges to modify mortgage terms, nor does it address a House Democratic plan to allow the Federal Housing Administration to issue $300 billion in loan guarantees. Critics say the deal favors the mortgage industry over borrowers.

Source Los Angeles Times

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Senate Banking Committee Chairman Sen. Christopher Dodd, D-Conn., left, and the committee's ranking Republican, Sen. Richard Shelby, R-Ala., right.   (AP Photo/Dennis Cook)
A foreclosure sign is seen atop a sale sign for a house in Stockton, Calif.   (AP Photo/Marcio Jose Sanchez)
Senate Banking Committee Chairman Sen. Christopher Dodd, D-Conn., left, and the committee's ranking Republican, Sen. Richard Shelby, R-Ala., listen to Federal Reserve Chairman Ben Bernanke.   (AP Photo/Dennis Cook)
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housing crisis  • subprime crisis  • foreclosure  • mortgage crisis  • home builders


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