New York Times (04/24/08)
The House Financial Services Committee recently passed two bills that aim to ease the housing crisis. The first 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. The committee also passed a bill proposed by Rep. Michael Castle, R-Del., and Rep. Paul Kanjorski, D-Pa., that would prevent investors from filing suit against mortgage holders who assume losses by permitting struggling borrowers to refinance.
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