homersodyssey
05-20-2009, 09:59 PM
Congress sends president bill that encourages banks to spare homeowners from foreclosure
Anne Flaherty, Associated Press Writer
On Tuesday May 19, 2009, 4:22 pm EDT
WASHINGTON (AP) -- Congress on Tuesday sent the president legislation that encourages banks to spare homeowners from foreclosure, after the industry helped scuttle a tougher measure that would have forced lenders to reduce monthly payments of owners in bankruptcy.
The House voted 367-54 to pass the Helping Families Save Their Homes Act. The Senate had voted 91-5 in favor of the bill and approved the final version by unanimous consent.
"In the last few weeks, we have cracked down on corporate and mortgage scams and helped more struggling homeowners keep their homes," said Senate Majority Leader Harry Reid, D-Nev. "And in the coming weeks, we will continue to protect people ... who keep our economy moving, and we will restore their confidence."
http://finance.yahoo.com/news/Congress-passes-apf-15295466.html?.v=1
Isn't this how the housing crisis/recession started in the first place?
Anne Flaherty, Associated Press Writer
On Tuesday May 19, 2009, 4:22 pm EDT
WASHINGTON (AP) -- Congress on Tuesday sent the president legislation that encourages banks to spare homeowners from foreclosure, after the industry helped scuttle a tougher measure that would have forced lenders to reduce monthly payments of owners in bankruptcy.
The House voted 367-54 to pass the Helping Families Save Their Homes Act. The Senate had voted 91-5 in favor of the bill and approved the final version by unanimous consent.
"In the last few weeks, we have cracked down on corporate and mortgage scams and helped more struggling homeowners keep their homes," said Senate Majority Leader Harry Reid, D-Nev. "And in the coming weeks, we will continue to protect people ... who keep our economy moving, and we will restore their confidence."
http://finance.yahoo.com/news/Congress-passes-apf-15295466.html?.v=1
Isn't this how the housing crisis/recession started in the first place?