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Senate Passes Bill To Help Ease Housing Crisis

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Apr 10, 2008 11:46 am US/Central

Senate Passes Bill To Help Ease Housing Crisis

WASHINGTON (AP) ― The Senate has passed a bipartisan measure aimed at boosting the housing market and easing the threat of foreclosures.

The plan combines large tax breaks for homebuilders and a $7,000 tax credit for people who buy foreclosed properties, as well as $4 billion in grants for communities to buy and fix up abandoned homes.

Despite the impressive 84 to 12 vote, the bill will be significantly redrawn by critics in the House who say it's tilted in favor of businesses such as home builders but does little to help borrowers at risk of losing their homes.

The White House opposes the plan. It says parts of it would actually make the problem worse by depressing some home values.

(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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