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Article: Rescue Plan Leads Housing Package; At-Risk Owners, New Buyers to Benefit
- Article from:
- The Washington Post
- Article date:
- May 2, 2008
- Author:
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A plan to rescue hundreds of thousands of homeowners at risk of
foreclosure began moving through Congress yesterday, as lawmakers
worked to shape an aggressive response to the nation's housing
crisis.
Democratic leaders said the rescue plan, which yesterday cleared
a key House committee, will form the core of a much broader housing
bill that will include an overhaul of the Federal Housing
Administration, stronger regulation of mortgage giants Fannie Mae
and Freddie Mac, and a $7,500 tax credit for first-time homebuyers
that aims to slow the fall of plunging home prices.
"I think we're in reach of a package that could have a very good
impact on the housing market," said House Financial ...