Small group blocking bill that would aid high-cost markets
Kenneth Harney
Sunday, November 25, 2007
Thousands of Americans may be losing their homes to foreclosure or facing hefty mortgage payment increases, but Congress appears to be in no rush to offer help.
While the House has passed several major housing-relief measures in recent weeks, the Senate hasn't managed to pass even one. On the eve of the two-week Thanksgiving recess, the House approved by a bipartisan vote the most sweeping reforms of the national mortgage system in more than two decades.
Meanwhile, the Senate stalled legislation that would strengthen the Federal Housing Administration's mortgage programs - a key resource for people who need to refinance out of adjustable-rate loans with rapidly escalating monthly payments into affordable fixed-rate mortgages.
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