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Apr 02,2008
Housing rescue plan proposed
by UPI

WASHINGTON -- U.S. lawmakers said they agreed to reach across the aisle to push a measure meant to stimulate the sale of new homes and help deter loan foreclosures.

Senate leaders Tuesday called on Sen. Chris Dodd, D-Conn., chairman of the Senate housing committee, and the ranking Republican, Sen. Richard Shelby, R-Ala., to deliver a bipartisan measure Wednesday

The bipartisan proposal strengthens truth-in-lending mortgage laws meant to inform borrowers of the fluidity of adjustable loans, provides counseling to those facing foreclosure and offers help to refinance existing mortgages, The Washington Post said.

The Senate planned to vote on an existing Democratic bill that Republicans reportedly intended to block but the government buyout plan of the investment bank, Bear Stearns and an economy that may be in a recession inspired lawmakers to reach across the aisle.

Though the details of the compromise bill are sketchy, the bill proposes bankruptcy judges could cut interest rates on subprime loans and plans a variety of tax incentives and compensation for those reinvesting in the troubled housing market.

Copyright © 2008, by United Press International. All Rights Reserved.

1063 times read

Related news
Mortgage bill advances in Senate by UPI posted on Apr 03,2008

Modifying home loans by The Milwaukee Journal Sentinel posted on Mar 14,2008

Keep hammer in anti-foreclosure plan by The St. Louis Post-Dispatch posted on Mar 04,2009

Senate passes ‘home loan fairness act’ targeting predatory lending by Bend_Weekly_News_Sources posted on May 14,2007

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