Business, Economics and Jobs

Senate debates foreclosure rescue bill

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The $300 billion housing rescue bill is being pushed through the Senate at the same time as there are ethics investigations taking place by some of the Democratic leaders pushing that bill.

The $300 billion in in loan guarantees, which allows the FHA to back $300 billion dollars worth of new loans for those who are facing foreclosure. For homeowners, this bill will increase the limits under which a borrower can qualify for an FHA loan. People who would have been considered in high income brackets or higher-priced homes now can qualify for FHA loans.

The bill faces a White House veto.

The ethics investigation centers around Senator Christoper Dodd and his "VIP" loan from Contrywide Financial, a discount mortgage lender.

Guest: Todd Zwillich, from "Capitol News Connection."

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