Foreclosure Relief Compromise Reached

Senate leaders have reached a deal to advance legislation to ease the nation’s home foreclosure crisis. The bill has not been written yet, but Sen. Mitch McConnell of Kentucky, the Republican leader, and Senate Democratic Leader Harry Reid of Nevada defused a GOP filibuster threat that had stymied a Democratic plan a month ago.

The legislation would provide billions of dollars to buy up foreclosed homes. It also would ensure that people who take out high-cost mortgages in the future aren’t surprised by big payment increases.

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