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 5/10 Good --- weblogs.sun-sentinel.com http://weblogs.sun-sentinel.com/news/politics/dcblog/index.xml
| William E. Gibson, who has been covering Washington for the Sun-Sentinel for nearly 25 years, writes on politics and policies that affect South Floridians. ... |
Sunday, May 04, 2008 --- 81 days ago http://weblogs.sun-sentinel.com/news/politics/dcblog/2008/05/congress_tries_to_s
 Pressed by desperate homeowners, South Florida members of Congress are promoting legislation to try to stem the tide of home foreclosures and prevent further erosion of property values.
Ron Klein
The House is expected to pass a bill this week that would encourage lenders to refinance troubled home mortgages on easier terms, backed by the Federal Housing Administration. The idea is to stabilize the real-estate market and prevent housing prices from plummeting.
Many homeowners – already strapped by rising insurance premiums and higher taxes -- are crying for relief.
“I think it’s a great idea if Congress steps up,’’ said Cathryn Payne, who moved out of her house near West Palm Beach while her mortgage-holder tries to sell it at a loss. ``But they have to get that ball rolling now. By June, there may be 500 empty houses here due to foreclosure. People are just abandoning their houses.”
Congress has made housing relief a priority this year, though the House and the Senate so far disagree on how to provide it.
The Senate passed a bill on April 10 that would provide $25 billion of tax breaks over three years to money-losing businesses, such as homebuilders. It also calls for a $7,000 tax credit for those who buy a foreclosed property. And it would provide $4 billion to communities to buy and repair abandoned homes.
Critics and even some sponsors say the Senate bill favors businesses over borrowers and Robert Wexler
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