Senators reach deal on foreclosure legislation
May 20, 2008
Key senators announced Monday [May 19] a bipartisan agreement on the broad elements of a plan to avoid foreclosures and speed the refinancing of mortgages for roughly 500,000 troubled homeowners without taxpayers footing the bill.
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With President Bush promising to veto a House of Representatives bill addressing the foreclosure crisis, the Senate is stepping in with their own legislation. Both the House and the Senate propose ways to stem the housing market collapse; however, the Senate has program funding coming from Fannie Mae and the Federal Housing Administration rather than taxpayers. The program allows for voluntary refinancing of qualifying mortgages to help stem the foreclosure crisis.
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