As I understand the Forclosure Crisis History.7/30/2007 Nancy Pelosi introduced The “Housing and Economic Recovery Act” of 2008 which was also called the “Housing Foreclosure Prevention Act”. It was pased with 227 Democrats for, 3 againt and 45 Republican for and 149 against. It was directed at subprime loans and directed the FHA to gurantee up to $300 billion in new 30-year fixed mortgages for subprime loans if lenders wrote principal down to 90% of current appraised value.2/28/2008 in the Senate It failed to move to the floor for debate. 44 Republicans voted against it and 45 Democrats voted for it. But it failed to get the 60 votes needed.
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