WASHINGTON — A key House panel took the first steps last week toward providing relief to financial institutions and individuals hurt by housing foreclosure crisis.
The House Financial Services Committee was scheduled to vote late Wednesday on a measure to make $15 billion in loans and grants available to states and cities to deal with problems caused by the surge in foreclosures. Some of the funds could be used by governments to purchase foreclosed properties.
Republicans on the panel said the measure is too costly and would reward lenders, investors and speculators and possibly make foreclosure a more attractive option for lenders.
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