Kenneth Hardy reported the following rather disappointing news as published over in the San Jose Mercury News:
WASHINGTON – Thousands of Americans may be losing their homes to foreclosure or facing hefty mortgage-payment resets, but Congress appears to be in no rush to offer help.
While the House has passed several major housing-relief measures in recent weeks, the Senate hasn’t managed to pass even one. On the eve of the two-week Thanksgiving recess, the House approved by a bipartisan vote the most sweeping reforms of the national mortgage system in more than two decades.
Meanwhile, the Senate stalled legislation that would strengthen the Federal Housing Administration’s mortgage programs – a key resource for consumers who need to refinance out of adjustable-rate loans with rapidly escalating monthly payments into affordable fixed-rate mortgages.