Latest on the Legislative Front

Well, in past posts I've discussed laws that have either been passed or that are pending passage. Today, I'm going to update the latter. The Senate's just passed a bill that will provide $10 Billion for refis of subprime mortgages, $4 Billion for purchase of foreclosed properties and $180 Million for foreclosure counseling. No bankruptcy assistance was included. Most consumer/borrower advocates claim this is far to little in terms of helping them, but it was an 84-12 vote, so both parties agreed.
Far more borrower oriented and more helpful to them is a bill just passed out of committee by Barney Frank's Financial Serviceds committee. This would provide a great deal more assistance to homeowners trying to avoid foreclosure by handling refis and other assistance to the homwowners. The Bush White House has voiced opposition, and hinted at a veto, so whatever assistance finally gets passed will still be a way off.