Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Mortgage bill moves in Senate
WASHINGTON (4/9/08)—The Senate voted 92 to 6 Tuesday to proceed to a vote on final passage on a bill that would provide $4 billion to cities for the purchase and rehabilitation of foreclosed properties. The bill, known as The Foreclosure Prevention Act of 2008, would provide another approximately $13 billion in targeted tax breaks to spur additional home buying and ease the troubles of the housing industry. It also would authorize $200 million for housing counselors to help families about to lose their homes to foreclosure. The Credit Union National Association supports a higher allocation for housing counseling and will be working to encourage the House to increase that level before the bill gets final approval by both houses of Congress. Although the package contains a limited FHA reform provision, Senate Banking Committee Chairman Christopher Dodd (D-Conn.) has stated he wants more, such as adding loan guarantees of up to $400 billion. Dodd has scheduled a hearing on Thursday on foreclosure mitigation and liquidity in the mortgage markets. Also this week, the House Financial Services Committee on Wednesday and Thursday will hold hearings to address "Using FHA (Federal Housing Administration) for Housing Stabilization and Homeownership Retention."
Other Resources

RSS print
News Now LiveWire
USFCU, Minn., hosts small business networking night. http://t.co/CBFHpJTFZe
14 hours ago
Number of @CUNA-certified fin. counselors hits 2,175 http://t.co/3fQGcdxyLO
15 hours ago
Jobless claims drop by 19,000 this week #Market #NewsNow http://t.co/LSqaYCsmX4
15 hours ago
#RBC draws letters from @SenatorBegich, @SenShelby to @TheNCUA See #NewsNow http://t.co/JvLBwkHwxF
17 hours ago
It's #summercamp with a financial literacy, #creditunion twist http://t.co/5eaps9ZoVB
18 hours ago