Last week the Senate began debating the $15 billion  bipartisan housing relief package that might get a final vote this week.   Here are the highlights…..

  • Modernize the Federal Housing Administration’s (FHA)loan insurance program.
  • Help borrowers trying to refinance.
  • Tax credits for buyers who buy foreclosed homes.
  • Bigger tax break for homebuilders.
  • Money to aid areas hit by foreclosures.
  • More money for consumer counseling.
  • Greater transparency for borrowers.

Senate Banking Committee Chairman Christopher Dodd says, “It’s not the end of the road, but it’s a very strong beginning.”  For more on this check out this CNNMoney.com article – ‘Senate takes up $15 billion housing fix’.

It will be interesting to see what comes out in the final legislation.  Look for followup in the next couple of weeks.