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Senate Breaks Stalemate On Foreclosure Bill

Law360 (April 1, 2008, 12:00 AM EDT) -- Legislators on both sides of the aisle reached a deal Tuesday to break an impasse on efforts to temper subprime mortgage market woes by helping homeowners faced with foreclosure.

After extensive negotiations, Democrats and Republicans came to an agreement Tuesday to allow two members of the Senate Committee on Banking, Housing, and Urban Affairs to write a new bill to replace the Foreclosure Prevention Act and hopefully gain a bipartisan majority in the Senate, reported the Dow Jones Newswire.

Senate Majority Leader Harry M. Reid (D-Nev.),...
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