Fred Business News -After failing to approve an omninbus housing rescue package this week, the Senate is scheduled take up the bipartisan-supported bill again the week of July 7.
What dragged the bill down this week had little to do with the substance of foreclosure relief. Instead it was stymied by a procedural maneuver on Wednesday by Sen. John Ensign, R-Nev., who is pushing a series of energy tax breaks, and a backlog of legislation that the Senate was scrambling to complete before its July 4 recess.
On Wednesday, a clearly frustrated Banking Committee Chairman Christopher Dodd, D-Conn., who negotiated the housing legislation, said lawmakers were close to getting passage on the bill "if only we can get it to the floor."
The Stanford Group, a policy research firm, dropped its odds of enactment to 70% based on the delays.
"Every day that passes is another opportunity for special interests to try to change the bill. Those changes could unravel the bipartisan compromise and sink the legislation," wrote analyst Jaret Seiberg in a research note. But, he added, "we justify such high odds despite the current troubles as we continue to see passage as politically important to both parties."
The housing package would create a new government-backed program to help at-risk borrowers. It also would change how two of the biggest players in the mortgage market are regulated and alter key rules in how they may operate. Furthermore, it proposes measures intended to spur activity in the housing market.
Source; Cnn.com
About Fred: Fred is president of The I Team Organization. With a back ground in agriculture Fred has lead many successful business ventures.
