WASHINGTON– Offering some help to troubled homeowners, The Foreclosure Prevention Act of 2008 (S. 2636) may soon be voted on by the full Senate. Following last week's debate over amendments, the basic package has wide bipartisan support.

The legislation contains provisions to modernize and expand the reach of the FHA; provide counseling to Americans facing foreclosure ($100B); enhanced mortgage disclosure requirements; community development block grants to buy abandoned or foreclosed properties ($4B); tax-exempt bonds to refinance subprime loans ($10B); and a $7,000 tax credit for those who purchase homes in foreclosure.

Senator Chris Dodd (D-Conn.), chairman of the Senate Banking, Housing and Urban Affairs Committee, said, “The package that we agreed to is not perfect, nor will it solve all of the problems that the economy and American homeowners are facing today. But it is an important step, and sends a strong message to the American people that Congress is willing to put aside our partisan differences and come together to tackle the challenges at hand.”