A Bipartisan Solution to the Mortgage Crisis!

We are awaiting an announcement from Congress about a bipartisan solution to help the foreclosed homeowners in this country.  As I look at the picture of the Senators who are working on this and that they have now come together to put this package together I can only think that it is a good thing it is an election year and that everyone is stuggling to have their party win the election.  In the picture, they are smiling, and friendly, slapping each other on the back, yuk. (open link to article and take look).

"At a minimum, the bipartisan package was expected to include up to $200 million to expand counseling programs for homeowners at risk of foreclosure, $10 billion in tax-exempt bonds for local housing authorities to refinance subprime loans, $4 billion in grants for local governments to buy foreclosed properties and a $15,000 tax credit for purchasers of foreclosed homes or newly built homes that have been sitting vacant.

Roughly 4.2 million mortgages were either past due or in foreclosure at the end of last year, according to the Mortgage Bankers Association. An additional three million borrowers may default in the near future.

Both the Senate Banking Committee and the House Financial Services Committee have been working on bills that would allow the Federal Housing Administration to insure $300 billion to $400 billion in additional mortgages, with an upfront cost of $10 billion. The Bush administration has been developing a similar plan of its own that would expand an existing refinance program called F.H.A. Secure"

A Bipartisan Resolution, from the New York Times, here.  They are stating that the final resolution might be forthcoming by this afternoon so let's wiat and see what they come up with.  Molasses.