Senate Democrats Push Foreclosure Relief Measures

By: Associated Press Email
By: Associated Press Email

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.

KKCO NBC 11 News
2531 Blichmann Avenue
Grand Junction, CO 81505

Station Phone: 970.243.1111
Business Fax: 970.243.1770
Newsroom Fax: 970.245.3793
News Tip & Contest Line: 970.255.8477
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 17187336 -
Gray Television, Inc.