WASHINGTON — Seeing strong Republican opposition to allowing bankruptcy judges to alter terms on the mortgages of primary homeowners–as they are already empowered to do for vacation homes, yachts and investment properties–Senator Dick Durbin (D-Ill.) withdrew his amendment to the housing bill late yesterday.
After a vote of 58-36 the amendment was tabled and debate on the base housing package continued well into the evening. The legislation includes $10 billion in tax-exempt bonds for local housing agencies to refinance subprime mortgages and grant first mortgages for new homebuyers, $4 billion in grants for local governments to buy foreclosed property and $100 million for financial counseling for homeowners facing threat of foreclosure.
The package also includes a $7,000 tax credit for those who buy foreclosed property and tax breaks for builders.
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