U.S. Senate Bill Would Bring $211 Million To MA
A housing relief bill being considered in the United States Senate would provide Massachusetts with $211 million to boost home ownership and help homeowners avoid foreclosure, the Boston Herald reported April 3, 2008.
"The money is part of a $10 billion mortgage revenue bond program for state and local housing agencies that Sens. John Kerry, D-Mass., and Gordon Smith, R-Ore., pushed to include in the bill."
Kerry, who is running for re-election in November, said the Federal Reserve recently moved quickly to assist investment bank Bear Stearns as it stood on the brink of bankruptcy. He said the same urgency was needed to help families struggling with the foreclosure crisis.
"The new bond program could mean 1,110 new and refinanced home loans in Massachusetts, and up to 80,000 new loans nationwide, Kerry said."
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