On Wednesday, May 6, the US Senate passed legislation to help prevent home foreclosures and ease access to credit.
The Senate approved the "Helping Families Save Their Homes Act" sponsored by Senate Banking Committee Chairman Christopher Dodd on May 6, 2009.
The Act seeks to assist troubled homeowners amend loan terms and extends the increased deposit insurance limits for bank deposits of up to $250,000 through 2013.
The Act would also increase the FDIC's permanent borrowing authority to $100 billion while allowing it to temporarily seek up to $500 billion in certain instances.
The bill also contains some lender protections from investor lawsuits, where lenders amend mortgage terms.
The House-passed version, which was approved March 5, 2009, must now be reconciled before a final bill can be sent to the President.
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