Senate Housing Bill Update.

Senate President Harry Reid is scheduled to announce this morning that the Senate soon would begin consideration of a bipartisan housing bill.

Prior reports have said that the housing bill will be a "gut and stuff "of a former energy bill, H.R. 3221. While a new version of this is not yet posted I would check with THOMAS HERE over the next day or so to see if a new version, and amendments, doesn't materialize.

Any future Senate action of course must be matched by subsequent House action, and must avoid any Presidential veto, to become law. Possible inclusions or exclusions in the bill could include FHA reform, bankruptcy reform, use of mortgage revenue bonds for refinancing, a $15k tax credit for purchases of foreclosed properties, etc, etc.