David Zalubowski, The Associated Press
Protesters oppose an amendment to the Foreclosure Prevention Act that would allow homebuilders to claim losses on their taxes. Other key provisions in the act:
•Increases the FHA loan limit from 95 percent to 110 percent of the area median home price with a cap of 132 percent of the government- sponsored enterprise lending limit ($550,000).
•Provides $4 billion in funding to communities affected by foreclosure to stabilize neighborhoods.
•Offers preforeclosure counseling.
•Requires lenders to disclose loan payments throughout a loan within seven days before closing.
•Includes a three- to nine-month period before foreclosing on a returning soldier’s home and requires the Department of Defense to create more homeownership counseling programs for soldiers, as well as guarantees an increase in the VA loan amount.
•Mandates a property-tax reduction — $500 for single filers and $1,000 for joint filers — for the 28.3 million nonitemizers who own homes and pay property taxes.
•Provides mortgage revenue bonds to help refinance subprime mortgages or to help first-time homebuyers.
