Washington - Party leaders in the Senate reached a deal Wednesday to provide aid to homeowners struggling to pay off loans and threatened with foreclosure in the wake of an ongoing mortgage crisis. The bipartisan agreement was announced just one day after the Republican and Democratic party's two ranking senators on economic issues were tasked with hammering out a compromise.
The housing bill would provide tax credits to homeowners and money for counseling on avoiding foreclosure. More exact details of the bill were to be given later Wednesday.
Democratic Majority Leader Harry Reid and Republican Minority Leader Mitch McConnell issued a joint statement announcing that the outlines of a deal had been reached "in principle."
"This is a solid, bipartisan start to keeping families facing foreclosure in their homes, helping other families avoid foreclosures in the future, and helping communities already harmed by foreclosure to recover," the joint statement said.
