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Mortgage Deal Close in Senate

Bipartisan bill would expand insurance for refinanced loans, boost feds' oversight

By Nick McMaster,  Newser Staff

Posted May 15, 2008 1:11 PM CDT
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(Newser) – A Senate committee is close to agreeing on expansion of a government insurance program for refinanced mortgages, the Wall Street Journal reports. Though ridden with partisan conflict as recently as a week ago, staff for Democrat Chris Dodd and Republican Richard Shelby said today the sides were nearing a compromise, and a vote to move the measure along could come in the next few hours.

In addition to the mortgage insurance, the deal would also revamp oversight of government-sponsored lenders Fannie Mae and Freddie Mac, as well as the Federal Home Loan Banks. Dodd has said that he has enough support from Democrats to narrowly pass the bill, but is seeking a greater consensus.

Sen. Richard Shelby, R-Ala., ranking Republican on the Senate Banking Committee, right, is seen with committee Chairman Sen. Christopher Dodd, D-Conn.
Sen. Richard Shelby, R-Ala., ranking Republican on the Senate Banking Committee, right, is seen with committee Chairman Sen. Christopher Dodd, D-Conn.   (AP Photo)
Senate Banking Committee Chairman, Sen. Chris Dodd, D-Conn., talks about the economy and the foreclosure crisis after a meeting with Federal Reserve Board Chairman Ben Bernanke on Capitol Hill in Washington, Wednesday, Feb. 6, 2008.
Senate Banking Committee Chairman, Sen. Chris Dodd, D-Conn., talks about the economy and the foreclosure crisis after a meeting with Federal Reserve Board Chairman Ben Bernanke on Capitol Hill in Washington,...   (AP Photo/J. Scott Applewhite)
Democratic presidential hopeful, Sen. Chris Dodd, D-Conn., pauses as he speaks at a campaign stop at Signatures Grill in Indianola, Iowa, Wednesday, Jan. 2, 2008.
Democratic presidential hopeful, Sen. Chris Dodd, D-Conn., pauses as he speaks at a campaign stop at Signatures Grill in Indianola, Iowa, Wednesday, Jan. 2, 2008.   (AP Photo/Jeff Chiu)
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Freddie Mac posts $151M in losses
South Florida Business Journal

Shelby says he's negotiating with White House on housing deal
Reuters

 
mortgage • Chris Dodd • Richard Shelby • refinanced mortgages • Senate Banking Committee • bailout • mortgage insurance

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