WASHINGTON — The Senate yesterday passed The ForeclosurePrevention Act of 2008 by a vote of 84-12 after discussions bySenators Chris Dodd (D-Conn.) and Richard Shelby (R-Ala.) on itsprovisions resulted in a package that would gain wide support.
|The legislation will streamline and expand the reach of the FHA;provide counseling to Americans facing foreclosure ($100B); enhancemortgage disclosure requirements; provides community developmentblock grants to buy abandoned or foreclosed properties ($4B); willallow tax-exempt bonds to refinance subprime loans ($10B); andprovide a $7,000 tax credit for those who purchase homes inforeclosure.
|Progress on assisting homeowners now moves to the House, saidNAFCU Director of Legislative Affairs Brad Thaler, where the Waysand Means Committee, which must approve all tax provisions in abill, did so on Wednesday. “Rep. (Barney) Frank's (D-Mass.) billwill be marked up on April 23 or 24 and those two bills will bemarried on the floor,” he said. The expectation is that the Senateand House version will go to conference, where contents of thefinal package will be decided. Given the strong desire to passlegislation to help forestall increasing foreclosures, Thaler saidthat it was likely it might happen by the end of the month or inearly May. “I think Congress would like to have this done before itbreaks for its Memorial Day recess.”
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? Sign In
© 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.
