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Senate Banking Committee Approves Housing Bill
A key Senate committee today overwhelmingly approved a plan to rescue hundreds of thousands of homeowners at risk of foreclosure, clearing a major political hurdle on the path to a broad, election-year bill to address the nation's housing crisis.
The Senate Banking Committee voted 19 to 2 to approve the measure, with every Republican except Kentucky Sen. Jim Bunning and Wyoming Sen. Mike Enzi voting with the Democratic majority.
Under a deal struck between committee chairman Christopher J. Dodd (D-Conn.) and Sen. Richard C. Shelby (R-Ala.), the panel's senior Republican, a portion of the profits from mortgage giants Fannie Mae and Freddie Mac would be used to cover the cost of a program to help troubled borrowers trade exotic mortgages with escalating monthly payments for more affordable loans backed by the federal government.
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It is amazing to me that this even has a chance of passing. If I were in the banking business, I believe I would start looking for another job.
The Senate Banking Committee voted 19 to 2 to approve the measure, with every Republican except Kentucky Sen. Jim Bunning and Wyoming Sen. Mike Enzi voting with the Democratic majority.
Under a deal struck between committee chairman Christopher J. Dodd (D-Conn.) and Sen. Richard C. Shelby (R-Ala.), the panel's senior Republican, a portion of the profits from mortgage giants Fannie Mae and Freddie Mac would be used to cover the cost of a program to help troubled borrowers trade exotic mortgages with escalating monthly payments for more affordable loans backed by the federal government.
READ THE REST HERE
It is amazing to me that this even has a chance of passing. If I were in the banking business, I believe I would start looking for another job.
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