Over the next few days the U.S. Senate will be working on legislation designed to help families suffering through the current housing crisis. And several parts of a plan put forward by Senator Kit Bond (R-MO) are expected to be included in the final package.
Bond’s proposals include an authorization for the State Housing Financing Agencies to issue up to $10-billion in tax exempt bonds and use the proceeds to refinance subprime mortgages … and expedited delivery of $180-million in loan counseling funds – a provision approved in December as part of the 2008 federal spending bill.
Bond also would like to see a $15,000 tax credit provided for the purchase of a home in or approaching foreclosure, provided the home purchase occurs within one year. Bond is also calling for increased consumer awareness of loan details and extended protection for returning war veterans to avoid foreclosure.