"Senate leaders announced an agreement Wednesday on legislation to ease the slumping housing market and help millions of families threatened by foreclosure.Lots of quotes from all sides at the link.
The scaled-back proposal released by Majority Leader Harry Reid, D-Nev., and GOP leader Mitch McConnell of Kentucky contains an amalgam of ideas aimed at boosting demand for housing and helping homeowners saddled with subprime mortgages avoid foreclosure.
The plan contains $4 billion in grants to local governments to buy and refurbish foreclosed homes, new authority for states to issue bonds to be used to refinance subprime mortgages and a $7,000 tax credit for people buying new homes or properties in foreclosure.
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Reid said he hoped the measure could quickly pass, though it faces a flurry of amendments from senators in both parties".