KKTV - Economy - Headlines

Congress Considers Changes To Mortgage Aid Program

By: Associated Press
By: Associated Press

WASHINGTON (AP) -- Lawmakers are trying to revamp a new program that was intended to help hundreds of thousands of borrowers avoid foreclosure.

That's because there have been fewer than 500 applications and only two-dozen homeowners have been helped so far.

A bill under consideration by a House committee aims to reach more people by lowering some fees and easing restrictions.

Meanwhile, the Senate has voted to give a tax break to homebuyers in hopes of revitalizing the U.S. housing market. The proposal, pushed by battered homebuilders, would allow a tax credit of 10 percent of the value of new or existing residences, up to a $15,000 limit.


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