Search
 

Senate Debates Housing Legislation; Bankruptcy Amendment Withdrawn

WASHINGTON -- Spurred by a groundswell of bad news in the mortgage and credit markets and hearing from constituents during a two-week break, the Senate stepped up efforts last week on housing legislation to help distressed homeowners.

By Staff Writer | Updated on April 15, 2008

WASHINGTON — Spurred by a groundswell of bad news in the mortgage and credit markets and hearing from constituents during a two-week break, the Senate stepped up efforts last week on housing legislation to help distressed homeowners.

A bipartisan effort saw Senate Majority Leader Harry Reid (D-Nev.) and Minority Leader Mitch McConnell (R-Ky.) agreeing on aspects of a broad package of legislation called the Foreclosure Prevention Act of 2008 (S. 2636). The plan offers $4 billion in grants to local governments to buy and refurbish foreclosed homes, provides $10 billion for states to issue tax free bonds to be used to refinance subprime mortgages and a $7,000 tax credit for people buying new homes or properties in foreclosure.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

'We’ve Only Just Begun'

'We’ve Only Just Begun'

Todd Harper |

The Federal Credit Union System turns 90 and NCUA's Todd Harper shares four keys to CU success for the next 90 years.

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2024 ALM Global, LLC. All Rights Reserved.