A recent surge in defaults on subprime mortgages and a slump in the housing market have caused growing concern over the state of the U.S. economy. Supbrime mortgages are high-risk loans given to people with weak credit histories. Some lenders have been forced into bankruptcy as a result, and the effect has been felt in other sectors of the economy. Adding to the concern is that many other adjustable-rate mortgages—perhaps 2 million—are scheduled to increase over the next year, which could cause many borrowers to lose their homes. .
Here are some bills in Congress dealing with housing:
S.788, the Moving to Work Charter Program Act of 2007: Bill would authorize the Moving to Work Charter program to enable public housing agencies to improve the effectiveness of Federal housing assistance.
S.1078, the Housing America's Workforce Act: Housing America's Workforce Act - Amends the Internal Revenue Code to allow employers a business tax credit for up to 50 percent of the qualified housing expenses paid for the benefit of their employees. Defines "qualified housing expenses" to include homeownership assistance and rental assistance. Limits the amount of such credit to the lesser of $10,000 or six percent of an employee's home purchase price, or up to $2,000 for rental assistance.
H.R. 1227, to assist in the provision of affordable housing to low-income families affected by Hurricane Katrina