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April 25, 2008
House Panel Approves $15 Billion Foreclosure Bill
The House Financial Services Committee recently passed bills that aim to ease the housing crisis. The bill supported by Democrats seeks to avoid blight in neighborhoods hit hard by foreclosures by giving $15 billion in loans and grants to states, which would distribute the money to cities, counties and town to purchase and repair foreclosed homes. The measure was opposed by Republicans who insisted that private lenders who have taken ownership of these properties will be the main beneficiaries.
Posted by S. Germain at April 25, 2008 08:02 AM