By a vote of 84-12, the U.S. Senate has approved the Foreclosure Prevention Act, legislation designed to stabilize the housing market by, among other measures, offering tax credits for buyers of foreclosed properties, providing funds for borrower counseling and for local governments to buy foreclosed homes, and giving tax breaks to home builders.
The legislation was drafted by Banking Committee Chairman Sen. Christopher Dodd, D-Conn., and Sen. Richard Shelby, R-Ala.
‘This bill contains a number of critically important provisions to help stabilize the mortgage and real estate market,’ states Kieran P. Quinn, chairman of the Mortgage Bankers Association. ‘We support many of those, including the modernization of FHA, the expansion of mortgage revenue bond programs and additional funding for housing and credit counselors to help those borrowers who are facing difficulties making their mortgage payments.’
‘I want to thank Senators Reid, McConnell, Dodd and Shelby for their bipartisan leadership in crafting a broadly supported compromise,’ he continues. ‘We look forward to working with leaders in the House to help stabilize the market and further assist at-risk borrowers.’
