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House Passes Sweeping Legislation to Rescue Homeowners

The U.S. House of Representatives was very busy Thursday, passing The American Housing Rescue and Foreclosure Prevention Act (H.R. 3221) by a vote of 266 to 154, and The Neighborhood Stabilization Act (H.R. 5818) by a vote of 239-188.

This sweeping legislation is Congress' most comprehensive attempt yet to address foreclosures in the housing market. The bill includes versions of H.R. 5830, H.R. 1852, H.R. 1427, H.R. 5579, and amendments to Preserving the American Dream for Our Nation's Veterans. The plan is projected to help roughly 500,000 borrowers at a cost of $2.7 billion over five years.

It's important to note that these measures were not voted into law and still await Senate action. If passed by the Senate, it would still need the approval of the President who has reportedly threatened to veto both bills.

To learn more about this legislation, here is a summary from the House Committee on Financial Services.