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DODD-SHELBY LEGISLATION TO ADDRESS NATIONAL HOUSING CRISIS PASSES SENATE

Bipartisan bill will help struggling homeowners, communities, housing markets

July 14, 2008

WASHINGTON, DC – Senators Chris Dodd (D-CT) and Richard Shelby (R-AL), Chairman and Ranking Member of the Senate Committee on Banking, Housing and Urban Affairs, today announced that the Senate passed the Housing and Economic Recovery Act.  This landmark bipartisan legislation drafted by Dodd and Shelby includes major efforts to address the root of our economic problems – the housing crisis – by providing relief to hundreds of thousands of American homeowners and introducing broad improvements to the nation’s housing sector. 
“This bill provides long-overdue relief to millions of homeowners struggling to keep their homes and the communities affected by this crisis,” said Dodd.  “In addition, this legislation will work to stabilize the housing markets and reform and strengthen our housing sector.  Today, we were able to rise above partisan differences and come together in the interest of American homeowners.  I am committed to advancing this legislation through the legislative process and into law.”
“The housing crisis continues to threaten the stability of the U.S. economy,” said Shelby.  “During difficult times such as these, the American people expect their elected representatives to respond in a timely and effective fashion that restores confidence.  This legislation meets those qualifications by stabilizing our mortgage finance system through meaningful GSE reform, and by providing a reasonable option to those at risk of losing their homes.  I am particularly pleased that we have safeguarded the interests of the American taxpayer in the process.  Hopefully the House and the President will soon take advantage of the overwhelming momentum we have established on this legislation today.”
The Dodd-Shelby legislation contains a number of provisions that will help homeowners and communities.   The legislation also includes several tax measures authored by Senate Finance Committee Chairman Max Baucus (D-MT) and Ranking Member Chuck Grassley (R-IA).  Key provisions include:

A detailed summary of the legislation is attached.

Click link for summary of the legislation

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