April 3, 2008
Senate's Bill to Ease Housing Crisis-Will It Work?
Based non ABC News, Senate leaders announced an agreement Wednesday on legislation to ease the slumping housing market and help millions of families threatened by foreclosure.
Here is the highlight of the proposed legislation plan by congress to help housing market:
1. $4 billion in grants to local governments to buy and refurbish foreclosed homes;
2. New authority for states to issue bonds to be used to refinance subprime mortgages;
3. A $7,000 tax credit for people buying new homes or properties in foreclosure.
4. A broader rewrite of the FHA that reduces down payments on FHA-insured loans and raises the dollar limit on mortgages that FHA can insure. Read more