Senate Approves Housing Bill To End Record Foreclosures
April 13, 2008 
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Senate Approves Housing Bill To End Record Foreclosures
Washington, D.C. (AHN) – Senate passed a bipartisan legislation to alleviate the housing crisis on Thursday. The measure, called the Foreclosure Prevention Act, includes a provision earlier rejected by the White House to provide $4 billion to buy up and refurbish foreclosed properties.
Senators voted 84-12 to pass the legislation drafted by Banking Committee Chairman Sen. Christopher Dodd (D-CT) and Rep. Richard Shelby (R-AL), the committee’s highest-ranking Republican. The measure sets aside $10.9 in bonds to refinance sub-prime mortgages, $180 million to counsel homeowners with bad loans, tax incentives for businesses and buyers of foreclosed homes. The controversial provision to buy up foreclosures was also included despite the White House previously saying it “constitute[s] a bailout for lenders and speculators.”
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