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House Democrats Poised to Try Again on Housing Bill

House Democrats will try again this week to pass a wide-ranging housing bill.

** FILE ** In this July 2, 2008 file photo, a foreclosed home is seen for sale in Sacramento, Calif. A record 9 percent of American homeowners with a mortgage were either behind on their payments or in foreclosure at the end of June, as damage from the housing crisis continues to mount, the Mortgage Bankers Association said Friday, Sept. 5, 2008. (AP Photo/Rich Pedroncelli, file)

WASHINGTON (AP) - House Democrats will try again this week to
pass a wide-ranging housing bill.
HUD Secretary Shaun Donovan will brief Democrats today on the
administration's plan to boost the housing industry.
The House is poised to act on a bill that would allow bankruptcy
judges to lower the principal and interest rate on mortgages to
help people facing foreclosure.
The bill was pulled last week when some Democrats voiced concern
that it doesn't do anything for people who are struggling to pay
their mortgages -- but haven't filed for bankruptcy.
Supporters regard the measure as the only way to force loan
servicers to take steps to help homeowners stay in their homes.
Most of the mortgage industry is fighting to block the proposal.


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