Legislation Aimed at Stabilizing Housing

A $15 billion package geared toward stabilizing the housing market is currently slated to be passed by the Senate. This package includes tax breaks for homebuilders and other businesses, and also new tax credit and deduction for both homebuyers and homeowners.
This legislation, however, is lacking support in the House, and yet at the same time lawmakers are expected to act quickly to remedy the current situation in order to prevent widespread foreclosure. It is expected that the House may formulate its own bill in light of the Senate’s recent proposal.

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