20,000 homeowners will be benefited of the recently passed bill made by the US senate to rescue these homeowners for possible house foreclosure due to subprime borrowing and interest rates. The said bill, which is a mortgage program designed to help struggling homeowners, is still scheduled for final reading and approval in each chamber before the President sign it into a law.
The bill, which passed on a 93-1 vote, would loosen underwriting standards and raise the size of loans that may be insured by the Federal Housing Administration.
The FHA has said the changes should enable it to help 200,000 troubled borrowers save their homes.
The House of Representatives had already passed its own version of FHA reform. Now, a compromise between the two bills needs to be hammered out before a final vote in each chamber puts it before U.S. President George W. Bush to sign into law.
Separately, the Senate approved a bill to give tax relief to consumers who restructure their home loans to avoid foreclosure or who have lost their homes to foreclosure.
When a lender forgives or cancels a mortgage, under current law the financial relief is treated as income and the homeowner has to pay taxes on it.
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