Senate Leaders Agree On Bill To Ease Housing Crisis

By: Associated Press Email
By: Associated Press Email

Washington (AP) The White House says it likes some parts of a senate bill designed to ease the slumping housing market but has concerns about others.

Spokesman Tony Fratto says some of the provisions could actually hurt homeowners. For example, he says, the tax credit for people who buy foreclosed and newly constructed homes could force down prices for many other sellers.

Fratto says provisions the administration could support include plans to issue mortgage bonds and modernize the federal housing administration to boost access to fha-insured loans.

The bill also contains 4 billion dollars in grants to local governments to buy and refurbish foreclosed homes.

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