Senate talks foreclosure help

By: Associated Press
By: Associated Press

June 24, 2008

CAPITOL HILL (AP) -- The Senate will take up a plan today to help hundreds of thousands of homeowners avoid foreclosure.

The housing plan faces a test-vote and could come to a final vote as well. However, disputes among Democrats over key details and a veto threat from the White House will almost certainly push any final agreement into July.

Conservative Democrats are worried about how to pay for the measure. And some members of the Congressional Black Caucus think it doesn't go far enough to meet the needs of African Americans.

Under the plan, the government would provide 300 billion dollars in new, cheaper mortgages for distressed homeowners who normally wouldn't qualify for government-backed, fixed-rate loans.

(Copyright 2008 Associated Press. All rights reserved.)

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