Senate passes mortgage rescue plan


	Senate passes mortgage rescue plan

A53GG4

7-11-2008 10:00 PM

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/5f3ed7bb-f0df-4f9a-b53b-055781d6b06e/A8786300-B3A4-41E5-896A-DFC23F44A6D5/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://news.yahoo.com/s/ap/20080712/ap_on_go_co/congress_housing" href="http://news.yahoo.com/s/ap/20080712/ap_on_go_co/congress_housing" style="font-size: 11px;">news.yahoo.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://news.yahoo.com/s/ap/20080712/ap_on_go_co/congress_housing"><H1>
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                                                						<A href="http://us.rd.yahoo.com/dailynews/ap/brand/SIG=br2v03;_ylt=AiNygsb3RUwPi8NHmkbEu0aMwfIE/*http://www.ap.org" linkindex="33"><IMG height="27" width="106" border="0" alt="AP" src="http://l.yimg.com/us.yimg.com/i/us/nws/p/ap_logo_106.png" /></A>
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                                        Senate passes mortgage rescue plan                </H1></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://news.yahoo.com/s/ap/20080712/ap_on_go_co/congress_housing"><P>
                                <SPAN>
                                By JULIE HIRSCHFELD DAVIS, Associated Press Writer                                </SPAN>
                                <EM class="recenttimedate">1 hour,  1 minute ago</EM>
                            </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://news.yahoo.com/s/ap/20080712/ap_on_go_co/congress_housing"><P>
                        WASHINGTON - A mortgage rescue to help hundreds of thousands of struggling homeowners avoid foreclosure and get more affordable, safer loans passed the Senate overwhelmingly Friday, but it faces a bumpy road amid continuing turmoil in the housing market.                        
                        </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://news.yahoo.com/s/ap/20080712/ap_on_go_co/congress_housing"><P>The 63-5 vote reflected a keen interest by Democrats and Republicans to send election-year help to distressed homeowners with economic issues topping voters' concerns.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://news.yahoo.com/s/ap/20080712/ap_on_go_co/congress_housing"><P>The plan lets homeowners buckling under mortgage payments they can't afford keep their homes and get more affordable mortgages backed by the <SPAN id="lw_1215827905_0" class="yshortcuts">Federal Housing Administration</SPAN>. Banks that agreed to take substantial losses on those distressed loans could avoid costly foreclosures and be assured of recovering at least some money.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://news.yahoo.com/s/ap/20080712/ap_on_go_co/congress_housing"><P>The new program would let the FHA insure as much as $300 billion in new mortgages, helping an estimated 400,000 homeowners.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/A8786300-B3A4-41E5-896A-DFC23F44A6D5/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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