4-03-08

Republicans and Democrats finally agreed to work together to get a housing bill past that would help homeowners keep their homes and to ease tensions on the housing market. Senate republicans said they are willing to work on creating a bipartisan bill only because the Democrats agreed they would consider republican changes to it. Congress is expected to move quickly with details about legislation on target for next Wednesday.

It is expected this year that 3.3 Million Americans will lose their homes to foreclosure clearly a sign that current efforts are not having a broad effect on the economy as a whole and that this purposed legislation is indeed needed to revitalize the housing market and other related areas.

Given the speed at which this bill is being passed it is unlikely that it will include FHA intervention as hopped. Republicans are also expected to block the part of the bill that would give bankruptcy judges the power to alter the terms of mortgages.

Currently the senate is working on this legislation and we are expected to hear more details about it next week.

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