| Date: 06/25/2008 |
Democrats and Republicans alike are wanting credit for helping homeowners across the country in today's housing market, hence the rush for a huge foreclosure rescue bill. The Senate is very close to getting the bill passed although it still needs the Presidents stamp of approval. With a vote of 83-9 the mortgage aid plan is on track for passage in the Senate as soon as today. This mortgage relief plan would assist an estimated 400,000 anxious borrowers, who wouldn't normally qualify for government fixed rate loans, by allowing them to dip into the $300 billion in new cheaper loans being backed by the Federal Housing Administration. Not just any homeowner in financial distress will have access to the government's aid. Borrowers are only eligible if their mortgage holders are willing to take a considerable loss and allow them to refinance, and they would have to prove the ability to afford and make payments on the new loan. The mortgage aid plan is also designed to help those trying to purchase their first home. The Associated Press reports the bill would provide a $14.5 billion array of tax breaks, including a credit of up to $8,000 for first-time homebuyers who buy in the next year. President Bush may still veto the bill, but White House spokeswoman Dana Perino feels like the Senate measure has "some really good aspects" and that Congress is "on the right path". |
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