On Thursday, April 10th, the Senate passed a bipartisan package of tax breaks and other steps designed to help businesses and homeowners weather the housing crisis. The plan combines large tax breaks for homebuilders and a $7,000 tax credit for people who buy foreclosed properties, as well as $4 billion in grants for communities to buy and fix up abandoned homes. The bill also offers $150 billion for pre-foreclosure counseling and stronger loan disclosure requirements.
The measure also calls for a long-awaited modernization of the Federal Housing Administration that would enable more homeowners to refinance into loans backed by the Depression-era agency. It includes $10 billion in tax-free mortgage revenue bonds to help homeowners refinance subprime loans, a move endorsed by President Bush.
While the Senate's Foreclosure Bill has passed with an impressive vote in the Senate, the White House opposes the bill. The bill will also be significantly redrawn by critics in the House. We will keep you updated on the changes made to this bill.
To read more, you can go here: http://money.cnn.com/2008/04/10/news/economy/senate_foreclosure.ap/index.htm
For more information on the White House's foreclosure fix, see: http://money.cnn.com/2008/04/09/news/economy/congress_housing_relief/index.htm?postversion=2008040918
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