Senate Approves Housing Relief Bill

New York Times (04/11/08) P. C3; Herszenhorn, David M.
The Senate passed a housing relief bill on a vote of 84 to 12 on Thursday that shows bipartisan consensus; but the Bush administration opposes the package that will cost $15 billion over 10 years, and Senate Democrats add that they expect the House to improve on the legislation. The proposal would provide tax breaks for home builders and other businesses, a $7,000 tax credit for people who buy foreclosed homes, $150 million for counseling borrowers and $4 billion for local governments to buy foreclosed properties. Sens. Hillary Rodham Clinton, D-N.Y., and Barack Obama, D-Ill., were campaigning and did not vote on the measure; but both issued statements saying the legislation does not do enough to help borrowers who could lose their homes to foreclosure.