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New Legislation Tackles Foreclosures.
WASHINGTON -- The new Senate Banking Committee chairman is working on legislation to address a potential wave of foreclosures and to assist families who are in danger of losing their homes.
Citing a recent study by a consumer advocacy group, chairman Chris Dodd, D-Conn., warned that the United States is facing massive foreclosures due to subprime lending practices and a "homeownership crisis of unprecedented proportions."
Sen. Dodd said he will hold hearings soon, possibly in two weeks, and he urged members of the U.S. Conference of Mayors for their input on how to avert this "looming" crisis. "If left unaddressed, the ripple effect on our cities will be enormous," he told the mayors. After this speech, Sen. Dodd told reporters that he is working on legislation that would give homeowners a grace period so they can get back on their feet.
The committee chairman also indicated that the legislation might include a rescue fund. "That is a possibility but it would have to be paid back," he said.
Last week, RealtyTrac reported a surge in foreclosures in the fourth quarter and it ...
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