Congress Passes Anti-Foreclosure Bill

Legislation Called The 'Helping Families Save Their Homes Act.


Congress has passed legislation that encourages banks to spare homeowners from foreclosure, after the industry helped scuttle a tougher measure।

The House voted 367-54 to approve the Helping Families Save Their Homes Act। The Senate had voted 91-5 in favor of the bill and approved the final version by unanimous consent.

The bill expands a $300 billion program, set to expire in 2011, that encourages lenders to write down a homeowner's high-interest rate for a 30-year fixed loan backed by the Federal Housing Administration if the homeowner agrees to pay an insurance premium.