House Panel Approves Bill to Assist Borrowers

WASHINGTON -- The House Financial Services Committee pushed forward on Thursday with an aggressive effort to help troubled homeowners, approving legislation that would make up to $300 billion in federally insured loans available to refinance the mortgages of borrowers in danger of foreclosure, The New York Times reported.

With passage of the House bill virtually assured, debate over how best to address the downturn in housing shifts back to the Senate, where Democrats drafting a similar plan are struggling to overcome the reservations, if not outright opposition, of a more robust Republican minority, the paper reported.

The Financial Services Committee approved the bill 46 to 21, with 10 Republicans joining the Democrats in favor of it, the paper reported.

-- NYSSCPA.org News Staff

Posted on 5/2/08