Housing Rescue Bill Bounds Ahead
An unprecedented, and enormous foreclosure bill cleared a significant Senate test this week, with Republicans and Democrats alike close to unanimous in backing the plan to ease hard-pressed homeowners during this important election year.
A Senate vote of 83-9 gave the green light to the next step towards issuing $300 billion in Federal Housing Association-backed loans for around 400,0000 distressed borrowers.
Delays are anticipated until mid-July, however, as President Bush threatens a veto and Democrats duke it out amongst themselves on the finer details.
With consumer confidence said to be at its lowest in 16 years, home values are still on the decline in many areas of the country.
California's senators, Boxer and Feinstein both voted in favor of the housing rescue bill, and as housing sales have started to pick up here in Sonoma County, many more foreclosures could be on the cards unless qualifying home owners can obtain these new, cheaper home loans.
A Senate vote of 83-9 gave the green light to the next step towards issuing $300 billion in Federal Housing Association-backed loans for around 400,0000 distressed borrowers.
Delays are anticipated until mid-July, however, as President Bush threatens a veto and Democrats duke it out amongst themselves on the finer details.
With consumer confidence said to be at its lowest in 16 years, home values are still on the decline in many areas of the country.
California's senators, Boxer and Feinstein both voted in favor of the housing rescue bill, and as housing sales have started to pick up here in Sonoma County, many more foreclosures could be on the cards unless qualifying home owners can obtain these new, cheaper home loans.
