Busted: Bankers and The Global Economy

April 3, 2008

Senate Works to Assist Homebuyers

mortgage-foreclosure.jpgSenate Democrats and Republicans start debating a bipartisan $15 billion housing relief package today that is expected to go to vote early next week. According to the Senate, the funding package has new measures to make loan by the FHA more accessible, funding to assist borrowers to refinance unaffordable loans and fund a business tax break for homebuilders. A new alteration in tax code will allow for a new tax credit and deduction for homeowners. The plan also includes some generic provision to boost neighborhoods with properties in foreclosure.

The Democrats pushed for a change in bankruptcy law that would allow judges to lower the value of residential mortgage debts which is expected to be added as an amendment to bankruptcy code.

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1 Comment

  1. Hello
    Your blog very nice and very informative.
    Cheers

    Comment by roserna — May 18, 2008 @ 2:58 am


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