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.