Senate Democrats Push Foreclosure Relief Measures

By: AP
By: AP

Senate Democrats push foreclosure relief measures

CAPITOL HILL (AP) - The Senate today takes up a housing bill
that aims to ease the nation's foreclosure crisis.
Provisions include four billion dollars for communities to buy
and fix-up foreclosed homes. It also seeks to improve the way
subprime mortgage loans are disclosed to borrowers so they aren't
surprised by big payment increases.
The bill is being pushed by majority Democrats, but Republicans
could block it again as they did in February.
Democrats say they're open to some GOP options, including tax
credits for people who buy and move into foreclosed homes.
But the White House says spending four billion dollars on
foreclosed homes would be too expensive and would essentially be a
"bailout" for lenders, while doing little for homeowners.


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