Proposed Foreclosure Bailout Considered by Congress

June 18th, 2008 Categories: Crofton Real Estate

Crofton residents have always been involved citizens, so I know you’ll probably have an opinion on this issue. If so, I hope you’ll take the time to share it with our Congressional leaders.

The House and Senate banking committees are trying to iron out the details for a foreclosure rescue package. As I understand it, the proposal involves FHA refinancing for about a half million “at-risk” borrowers to help them avoid foreclosure. The committees hope to resolve their disagreements this week, but the vote could be postponed as long as three or four weeks, until after the 4^th of July recess.

Here’s where you come in:

The Senate version of the Bill requires Fannie Mae and Freddie Mac to come up with funds to back the bill, estimated to be about $96 million over three years, whereas the House version is supported with tax-payer funds.

If you have an opinion about whether it’s appropriate for you and your neighbors to bail out these “at-risk” borrowers, rather than Fannie Mae and Freddie Mac who have some responsibility in creating this mess, please contact our elected representatives.

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