Help for Homeowners Hangs in the Balance

Saturday, July 5, 2008; Page F01 Congress left town for the July 4 recess with a half-baked cake in its legislative oven -- one that has huge potential significance for the housing and mortgage markets. The relief package left unfinished is designed to help hundreds of thousands of homeowners heading for foreclosure, pull buyers back into the real estate market, and permanently raise conventional and FHA loan limits in high-cost markets. Legislators could still wrap things up when they return. The Senate is on the verge of final passage of its bill, and it could do so as early as the week of July 7. The House has already passed its version. Final legislation could go to the White House later this month. Although President Bush has threatened a veto, Capitol Hill analysts say that strong bipartisan support -- plus elections... [read full story]