The bill would let the department of Housing and Urban Development provide money at the local level to buy and rehabilitate foreclosed houses. Cleveland-area Congressman Dennis Kucinich says he helped retool the bill with an amendment that makes sure cities with high vacancy rates get priority.
Kucinich: We're really right now in an effort to save our cities. We're fighting to save our neighborhoods. And this is a fight we can't lose.
As the real estate crunch continues, the number of bank-owned or vacant properties across the region rises. Local officials like Cleveland City Councilman Tony Brancatelli says there are over 1000 empty houses in his neighborhood, Slavic Village.
Brancatelli: This isn't a bailout of the mortgage industry. It is very clear on how these resources will be used to recover the neighborhoods.
But other measures in the bill aren't sitting well with many Republicans.Like a proposal that would let troubled borrowers refinance into federally insured loans, if lenders agree to take a loss. President George W. Bush says he will veto because it rewards irresponsible borrowers and greedy lenders. The bill is now headed to the US Senate. Mhari Saito, 90.3.