* WASHINGTON (2/18/08)--Senate Democrats are putting together a package to help the housing market. Senate Majority Leader Harry Reid said the package could go on the floor Feb. 25 (CongressDaily PM
Feb. 14). It would provide $200 million for housing counselors to help families about to lose their homes and raise the cap on mortgage revenue bonds by $10 billion. Four billion dollars would be placed in a Community Development Block Grant to help cities buy and revive foreclosed properties. Language to clarify home disclosure statements would be included, in addition to a measure that would allow bankruptcy judges modify mortgages on the brink of foreclosure ... * WASHINGTON (2/18/08)--House Financial Services Committee Chairman Barney Frank (D-Mass.) said he has been working on more proposals to keep homeowners from foreclosure (American Banker
Feb. 15). He has collected input from the Treasury Department and Bank of America on how to protect servicers who modify loans from investor lawsuits. Frank also is working on proposals to allow public entities to purchase foreclosed properties and refinance distressed loans ... * WASHINGTON (2/18/08)--Comptroller of the Currency John Dugan promoted awareness of consumer protection resources at a National Consumer Protection Week event on Capitol Hill Friday. The Office of the Comptroller of the Currency (OCC) supported the week’s theme “Financial Literacy: A Sound Investment” by sharing information, resources and providing staff to answer questions. Topics address included gift cards, cashiers checks, nontraditional mortgages and how to get assistance through the agency’s consumer assistance group. The OCC’s website, HelpWithMyBank.gov,
provides answers to questions based on calls to the consumer assistance group each year ...