Senate’s OK of housing bill

In todays paper in San Diego…The Senate has passed the bill to help the lending industry.

$7,000 tax credit for buyers of foreclosed homes
$150 million in Counseling borrowers
$4billion for local governments to buy foreclosed properties

A lot of the senators (democratic) feel this is not enough to help the homeowners who are close to losing their homes. 

The White house is currently trying to help about 1.5 billion homeowners at risk of foreclosure by having the FHA insure up to 300 billion in refinancial mortgages.

The Senate Bill although unlikely to be enacted in its current form, would cost about $15 billion over 10 years.

Should the government get involved?  How do we know who got themselves over there head knowingly and who did not?  This is a tough question for all to try and anwer.

The problem is lending in the real estate market.

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