Thursday the Senate began a debate on taking measures to help curb foreclosures nationwide. Highlights for the bill:

• Make loans backed by the Federal Housing Administration more widely available
• Makes $4 billion available to communities to buy and rehabilitate foreclosed homes
• Provides tax credits of $7,000 for buying a foreclosed home
• Provides tax credits to homebuilders and businesses hurt by the housing downturn
• Returning soldiers will be given an extra 6 months before foreclosure procedures could begin

This came after outcry that the government was more interested in bailing out the financial industry and less interested in the suffering American public. Many lawmakers are criticizing this bill saying that it isn’t going far enough.

Continue reading “Foreclosures and what the government is going to do about it.” →