WASHINGTON–A housing bill with provisions to assist troubled homeowners facing foreclosure is expected to reach the Senate floor soon, said NAFCU's director of legislative affairs, Brad Thaler.
|"Senator (Richard) Shelby (R-Ala.) and Senator (Chris) Dodd (D-Conn.) reached an agreement and the final language is being worked on tonight," Thaler told Credit Union Times late yesterday. The compromise language NAFCU sought on allowing bankruptcy judges to change the terms of mortgages is expected to be introduced as an amendment on the floor by Senator Dick Durbin (D-Ill.), said Thaler.
|The bill contains a property tax deduction of $1,000 for couples and $500 for individuals that applies to those who do not itemize their taxes and some $10 billion in tax-free bonds to allow housing agencies to refinance subprime loans. Buyers of foreclosed homes will also benefit from a $7,000 tax credit.
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