Senate Democrat Drafting Foreclosure Assistance Legislation

Reuters is reporting that U.S. Senate Banking Committee member Jack Reed (D) is drafting legislation to assist homeowners facing foreclosure.  Reed is reportedly seeking input from several consumer groups that have studied the current foreclosure crisis and pushed for governmental intervention. 

Proposed legislation is also reportedly forthcoming from Senator Charles Schumer said he would propose bail-out legislation, and Barney Frank, Chairman of hte U.S. House of Representatives Financial Services Committee will hold hearings on Tuesday seeking solutions to the mortgage foreclosure crisis.

Read more detail on Legal News Directory – Bankruptcy Law

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