BusinessHousing Rescue on Track to Pass SenateHousing Rescue on Track to Pass SenateThe Associated PressAs the Senate prepares to vote on a massive housing rescue bill, new data on the extent of the crisis shows that foreclosure notices more than doubled from a year ago. (July 25)As the Senate prepares to vote on a massive housing rescue bill, new data on the extent of the crisis came to light on Friday. According to RealtyTrac, close to 740,00 U.S. homes - or one in every 171 households - received at least one foreclosure-related notice during the second quarter. That number is more than double what is was a year ago. Ahead of the vote, the House Financial Services Committee heard testimony from members of mortgage and banking associations who offered insight into the challenges the industry and homeowners are facing. The housing bill is designed to spare homeowners from foreclosure and bolster troubled mortgage giants Fannie Mae and Freddie Mac. The Treasury Department would gain power to extend the government-sponsored mortgage companies an unlimited line of credit and to buy an unspecified amount of their stock, if necessary. . For struggling homeowners, the rescue plan will create an affordable housing fund, financed by the two mortgage companies. ___ ___, The Associated Press.(****END****) Author: AssociatedPress Keywords: congress housing rescue on track senate Added: July 26, 2008
