Senate Democrats push foreclosure relief measures

By: The Associated Press
By: The Associated Press

The Senate today takes up a housing bill that aims to ease the nation's foreclosure crisis.

Provisions include four billion dollars for communities to buy and fix-up foreclosed homes. It also seeks to improve the way subprime mortgage loans are disclosed to borrowers so they aren't surprised by big payment increases.

The bill is being pushed by majority Democrats, but Republicans could block it again as they did in February.

Democrats say they're open to some GOP options, including tax credits for people who buy and move into foreclosed homes.

But the White House says spending four billion dollars on foreclosed homes would be too expensive and would essentially be a "bailout" for lenders, while doing little for homeowners.

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