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

May 17, 2008 2:07:48 AM CDT



House Panel OKs $15B Plan to Buy Foreclosed Homes  

Posted Apr 24, 08 2:39 AM CDT in US Business    Most Covered

(newser) – Lawmakers have backed a $15 billion aid package for municipalities so they can buy and fix up foreclosed homes, the Wall Street Journal reports. A House panel voted 38-26 for the measure, which would be split evenly between loans and grants. States could use the money to get vacated homes in shape and filled quickly. It's part of a larger relief measure making its way through the House.

"Cities are being badly hurt and this is the only vehicle proposed that goes to the aid of the cities and counties," said panel chairman Barney Frank. But a Republican politician warned that the bill encourages foreclosure. "The bill's ultimate beneficiaries are likely to be the lenders, investors, and speculators who own the properties," he said.

Source Wall Street Journal

open commentscomments (0)

Editor Recommended

The youngest victims of foreclosure
CBS | Apr 23, 08

Homes slip away
San Jose Mercury News | Apr 24, 08

Lawmakers endorse 'safe harbor' mortgage plan
Reuters | Apr 24, 08

House Panel OKs $15B Plan to Buy Foreclosed Homes
A foreclosure sign in Stockton, California. Lawmakers have approved a $15 Billion package for municipalities to buy up foreclosed homes.   (AP Photo/Marcio Jose Sanchez)
House Panel OKs $15B Plan to Buy Foreclosed Homes
A foreclosed home in Egg Harbor Township, N.J. Lawmakers have approved a $15 billion package for municipalities to buy up foreclosed homes.   (AP Photo/Mel Evans, file)
House Panel OKs $15B Plan to Buy Foreclosed Homes
Rep. Barney Frank and other lawmakers at Congressional hearing on foreclosure. Lawmakers have approved a $15 Billion package for municipalities to buy up foreclosed homes.   (AP Photo/Lisa Poole)
prev   next
play

Threads (1 of 3)



Loading...

Loading...

Today's Most Popular

Loading...

Other Business 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 »