Thursday, April 03, 2008

Foreclosure Prevention Act of 2008

On April 2 Senators Chris Dodd (D-CT) (Chair) and Richard Shelby (R-AL) (Ranking Member) of the Senate Committee on Banking, Housing and Urban Affairs announced a bipartisan agreement to address the current U.S. housing crisis. Provisions of their proposed Foreclosure Prevention Act of 2008 include:

  • providing counseling for those threatened with foreclosure
  • helping communities deal with abandoned or foreclosed properties
  • reforming the Federal Housing Administration to make available "affordable, safe, and government-back loans"

For a description of additional provisions, access the announcement on Senator Dodd's Web site. For discussion about the bill, access a March 31 article in U.S. News and World Report entitled "Senators Set to Debate Housing Crisis", or listen to "Senate Debates Bill Aimed at Curbing Foreclosures" on the April 3 morning edition of NPR (National Public Radio).