Senate OK’s Foreclosure Bill

The US Senate has recently approved a version of the latest foreclosure-prevention plan. 

The bill will protect mortgage companies from lawsuits if they adopt federal loan modification programs.  It has been said that this will help homeowners with a second mortgage to refinance their property. With the implementation of this bill, renters of distressed properties will be given a 90-day grace period before they have to move.  This bill will extend through 2013 and also includes the increase of deposit insurance by the FDIC from $100,000 to $250,000, which has already been put into effect.  The House and the Senate must now reconcile their versions of this bill and present it to the Obama Administration.