Stalled housing bill moves forward in Senate

[Judi Lynn]

Source: CNN

Stalled housing bill moves forward in Senate
By Ted Barrett
CNN

WASHINGTON (CNN) -- Senate leaders have agreed to move forward on stalled legislation aimed at easing the impact of the falling housing market, the chamber's top Republican and Democrat announced Tuesday.

A homeowner relief bill is stalled in the Senate. A key vote is planned Tuesday.
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Despite the increasing pressure to find solutions to the deepening mortgage crisis, Senate leaders had been locked in a procedural stalemate over how to take up the Democratic-authored bill.
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The bill would, for the first time, allow bankruptcy judges to reset mortgages on primary residences. It would also provide $4 billion for local communities to buy and refurbish foreclosed properties; provide $200 million for counseling to help homeowners avoid foreclosure; give tax breaks for the homebuilding industry; and improve loan disclosure and transparency.

Republicans threatened to block the bill, as they did before the recess, unless Democrats gave in to their demands to allow votes on certain GOP amendments.


Read more: http://www.cnn.com/2008/POLITICS/04/01/congress.housing/index.html