A home mortgage foreclosure prevention bill should take place next week according to the Democratics. The bill would erase debt and provide billions to rehab abandoned homes.
Democratic leaders and Republicans are trying to agree on possible amendments to avoid potential roadblocks.
The surge in foreclosure homes has been rocking markets in the US and otside countries. The “Foreclosure Prevention Act of 2008″ sponsored by Harry Reid is a promise to fix the problem, and both republicans and democrats are willing to work together.
The Bush Admistration and both parties of the Congress supports the idea of refinancing loans by exempting taxes. The problem is that there are many mortgage lenders that are not supportive to the plan. The fact is that mortgage lenders are now afraid of loans and are paying more insurance against non payment losses.
If the bill really happens it could save almost 500.000 homes in foreclosure.
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