Senators Agree on Funding for Foreclosure Bill

Some of the key Senators involved in the anti-foreclosure homeowner assistance bill currently before the Senate announced that they had reached a bipartisan agreement on a way to fund the bill without using taxpayer dollars, which had been a huge issue and stalled the foreclosure bill from going forward. The details of this provision of the new bill, which will seek to provide refinancing loan assistance to over 500,000 borrowers in danger of foreclosure, were not immediately released, but come on the heels of the announcement that Fannie Mae and Freddie Mac would be expected to shoulder a good portion of the financial burden.

While the foreclosure bill still must be passed in the Senate and then get through the White House without a veto to be put into action, the outlook is now better, as certain republican senators said that they would move to encourage fellow senators to vote in favor of it after the agreement was struck.

With prior federal support seen as doing little to actually help homeowners, politicians are keenly aware of the fact that this bill is very important, as citizens and experts are pushing for a solution to the housing market problem, a key issue in this election year. Now that the taxpayers have been protected from having to pay for the bill, it should garner more widespread support.

Related Posts:

• Republicans Could Block New Foreclosure and Bankruptcy Relief Bill in Senate
• Senate Reaches Compromise on Funding for Anti-Foreclosure Bill
• Minnesota Senate Approves Foreclosure Bill
• HUD Secretary Bernardi Calls for Compromise on Foreclosure Bill
• Senate Banking Committee Approves Foreclosure Bill