Foreclosure rescue plan poised to pass Senate
INCLUDES MAJOR NECESSARY CHANGES TO THE
REVERSE MORTGAGE PROGRAM FOR SENIORS
Associated Press - July 11, 2008 7:43 AM ETWASHINGTON (AP)
A mortgage rescue plan is headed for Senate passage today, but it's anything but a done deal.Despite broad bipartisan support, the bill is facing a rewrite in the House and a veto threat from President Bush.
The package would authorize $300-billion in new government-backed loans for strugglinging homeowners. It also includes billions in tax breaks and a nearly $4-billion provision to buy-up and rehabilitate foreclosed homes.
Key players are planning for a week of intense negotiations over House concerns about the Senate version. One bone of contention is the home buy-up provision. Conservative "Blue Dog" Democrats say that needs to be balanced by tax hikes or spending cuts elsewhere.
And the White House also objects, calling that a bailout for the lenders who helped cause the mortgage meltdown in the first place.
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