The [U.S.] Senate has passed a housing relief bill on a vote of 84-to-12 that shows bipartisan consensus; but the Bush administration opposes the package that will cost $15 billion over 10 years, and Senate Democrats add that they expect the House to improve on the legislation. The proposal would provide tax breaks for home builders and other businesses, a $7,000 tax credit for people who buy foreclosed homes, $150 million for counseling borrowers, and $4 billion for local governments to buy foreclosed properties. Sens. Hillary Rodham Clinton (D-N.Y.) and Barack Obama (D-Ill.) were campaigning and did not vote on the measure; but both issued statements saying the legislation does not do enough to help borrowers who could lose their homes to foreclosure.
This article is from NYSAR's website @ www.nysar.com and is based upon a more detailed article from New York Times (04/11/08) P. C3; Herszenhorn, David M.
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