Jun 23, 2008 7:06 pm US/Mountain
Colorado Offers Foreclosure Counseling
DENVER (CBS4) ―
Sen. Ken Salazar says Congress is working on legislation to address the rising rate of home foreclosures.
It's an effort to help homeowners already in foreclosure and prevent others from getting into trouble.
The proposal includes tax incentives for first time home buyers and families facing high property taxes.
The legislation will also make provisions for affordable housing developments and $150 million will be made available for pre-foreclosure counseling assistance.
Steps will be taken to prevent mortgage fraud.
"One of the things our legislation will do is it will create the requirement for mortgage brokers to be registered and to be regulated and to meet certain standards under the law," Salazar said.
The Senate could pass the bill as early as this week.
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