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October 12, 2008 3:37:35 PM CDT

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Huge Homeowner Aid Bill Nears Approval

Posted Jun 25, 08 4:54 AM CDT in Business,  Politics 

(Newser) – With 8,000 foreclosures daily and looming elections, Congress is close to approving the most sweeping changes to mortgage financing since the New Deal, reports the New York Times. The pricey aid bill aimed at helping hundreds of thousands of homeowners facing foreclosure has bipartisan support, despite the threat of a presidential veto.

The House has already passed its version of the Senate bill, which proposes refinancing options with federal guarantees, buyers tax credits, counseling and $4 billion for purchasing and rehabbing vacant properties. Critics say it adds up to a handout for irresponsible borrowers on the taxpayers’ dime. Others argue the biggest threat to the voluntary program may be that it’s so murky that lenders won’t bother using it.

Source New York Times

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Democratic Senators hold a news conference on foreclosures in February. Lawmakers plan to pass a pricey package that would bail out borrowers and lenders burdened by foreclosures.   (Getty Images)
Housing prices are down 15% since last year, pushing Congress to take action to help homeowners.   (Getty Images)
With 8,000 foreclosures every day, Congress is poised to pass the most sweeping government overhaul of mortgage financing since the New Deal.   (Getty Images)
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Congress  • Senate  • housing crisis  • foreclosure  • John Kerry  • Barney Frank  • presidential veto


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