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26 July 2008 03:25:29 PM

Ailing Homeowners Could Soon Get Boost

PlusAiling Homeowners Could Soon Get BoostAiling Homeowners Could Soon Get BoostThe Associated PressCongress signs off on a massive housing bill that may offer relief for 400,000 strapped homeowners and two troubled mortgage giants. The Senate passed a bill in a rare Saturday session. (July 26)[Notes:ANCHOR VOICE] [Notes:VO housing file][Notes:VO Senate chambers] IT IS THE MOST SIGNIFICANT HOUSING LEGISLATION IN DECADES ... APPROVED SATURDAY BY THE U-S SENATE IN A RARE WEEKEND SESSION.THE $3.9 BILLION DOLLAR-PACKAGE IS DESIGNED TO HELP NEIGHBORHOODS HIT HARD BY THE HOUSING CRISIS ... ALLOWING PROPERTIES TO BE BOUGHT AND RENOVATED. [Notes:SUPER: Sen. Chris Dodd / D-Connecticut][Notes:12:12:28]SOT: Today for the 8 or 9 thousand people who again face a foreclosure notice, we're stepping up. We're getting something done for them. I can't promise it's going to work in every detail, I can't promise we've designed a silver bullet here.PRESIDENT BUSH IS EXPECTED TO QUICKLY SIGN THE BILL ... ALTHOUGH HE HAS RESERVATIONS.THE LEGISLATION ALLOWS THE GOVERNMENT TO HELP AILING MORTGAGE COMPANIES FANNIE MAE AND FREDDIE MAC ... ALL TO PREVENT THESE PILLARS OF THE HOME LOAN MARKET FROM FAILING.HOMEOWNERS COULD ESCAPE FORECLOSURE BY GETTING MORE AFFORDABLE LOANS BACKED BY THE FEDERAL HOUSING ADMINISTRATION.THE BILL HAD STRONG BACKING FROM DEMOCRATS ... BECAUSE IT CREATES AN AFFORDABLE HOUSING FUND AND OFFERS NEIGHBORHOOD GRANTS. REPUBLICANS CALL IT A BAILOUT OF RECKLESS HOMEOWNERS AND SHADY LENDERS. [Notes:SUPER: Sen. Kay Bailey Hutchison / R-Texas][Notes:10:01:36]SOT: The U.S. Senate can and should spend time debating these issues and improving the bill instead of rubber stamping additions that impose a taxpayer liability of billions and maybe trillions.BUT NOW ... A PROMISE OF HELP FOR THE NATION'S HOUSING MARKET THAT IN TURN MAY HELP STABILIZE A WOBBLY ECONOMY. ___ ___, The Associated Press.(****END****) ANCHOR VOICE:-------------------------VIDEO PRODUCER: Lee Powell------------------------------VIDEO SOURCE: Pool, file--------------------------VIDEO APPROVAL:------------------------------VIDEO RESTRICTIONS:----------------------------------SCRIPT/WIRE SOURCE: Congress-Housing, 6th------------------------------------

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