Senate Leaders Agree on Housing Bill

Exact details of the bill are still being ironed out.

Senate Majority Leader Harry Reid (right) and Senate Republican Leader Mitch McConnell (left).

(WASHINGTON, D.C.) - Senate Majority Leader Harry Reid and Senate Republican Leader Mitch McConnell made the following statement today, announcing an agreement in principle to address the housing crisis:

“Senior Senate Democrats and Republicans have reached an agreement in principle to strengthen the economy by addressing the nationwide foreclosure crisis. Getting to this point has required compromise by all sides. This is a solid, bipartisan start to keeping families facing foreclosure in their homes, helping other families avoid foreclosures in the future, and helping communities already harmed by foreclosure to recover.

“This package addresses the core issues of this crisis, including foreclosure mitigation, mortgage counseling, FHA modernization and homeowner tax credits, among other provisions. We hope to quickly come to a consensus to move this bill to the floor, consider amendments to it, and pass strong legislation that helps struggling homeowners and our economy as a whole.”

Source: Office of Senate Majority Leader Harry Reid