$15B housing fix gets fast-tracked by Senate
from http://money.cnn.com/2008/04/02/news/economy/housing_bipartisan_draft/index.htm
Democrats and Republicans agree to compromise on bill aimed at averting foreclosures and helping those hurt in housing crisis.
By Jeanne Sahadi, CNNMoney.com senior writer
Last Updated: April 3, 2008: 11:35 AM EDT
NEW YORK (CNNMoney.com) — With unusual speed, leading Senate Democrats and Republicans have negotiated a bipartisan, $15 billion housing relief package that the Senate will start debating Thursday, and will likely vote on by next week.
The package contains funding to help borrowers refinance unaffordable loans and help boost activity in neighborhoods with properties in foreclosure. It also includes a big business tax break for homebuilders, as well as a new tax credit and deduction for homeowners and home buyers. Additionally, the package has measures to make loans that are insured by the Federal Housing Administration - which helps borrowers with weak credit or little or no cash for a downpayment - more accessible.
Lawmakers have been under election-year pressure to do more about the mortgage crisis. The Senate package reflects concessions from both sides of the aisle. But the package will be subject to amendments and the House will have its say next week after the Senate votes.
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