Thursday, May 7, 2009

Senate moves toward bailing out Home Owners.

Politics: In other words, the Senate made it easy for irresponsible deadbeat home owners to get a better deal.

Trying to curb home foreclosures, the Senate voted on Wednesday to make it easier for homeowners with risky credit to switch to a lower-cost mortgage backed by the government. The bill, passed 91-5, also would give banks a break by encouraging reduced fees they must pay for the government to insure deposits.

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