Senate Approved Foreclosure Relief Bill

er the weekend the U.S. Senate approved a new foreclosure relief bill in an overwhelming 72 to 13 vote. The huge margin goes to show that Congress is very well aware that the nation needs some type of foreclosure relief to help the economy. Earlier in the week the House of Representatives approved the bill in a 272 to 152 vote, and the President is expected to sign it into law in the next few weeks.

The bill know as, the American Housing Rescue and Foreclosure Prevention Act, contains a number of provision to improve the housing crisis including a guarantee of up to $300 billion in lower-cost mortgages.

"Today, Congress did more than send a bill to the president -- we sent a message to American families that help is on the way," claimed Senate Banking Committee Chairman Christopher J. Dodd (D-Conn.).

"In addition to providing urgently needed relief to homeowners on the brink of losing their homes, this legislation will address our broader economic problems by helping to reform our housing sector and provide reassurances to our financial markets," Dodd continued.

Bush plans to sign the legislation despite reservations about "some provisions, including nearly $4 billion to help lenders, not the homeowners this legislation is intended to serve," noted Tony Fratto, deputy press secretary.

"It's been nearly six years since we called for a strong, independent regulator for Fannie Mae and Freddie Mac and nearly a year since the president called on Congress to quickly pass legislation to modernize the Federal Housing Administration to keep more deserving Americans in their homes, especially low-income Americans," Fratto said.

For more information on the bill check out this page on LA Times.com.