House panel approves $15B in foreclosure relief

A House panel in Washington has approved a bill that would provide local governments with $15 billion in loans and grants to help fight the foreclosure crisis, by funding the purchase and resale of foreclosed properties. The aid, which would be half loans and half grants, would be distributed to states based on the percentage of nationwide foreclosures there and the median home price. The House Financial Services Committee approved the bill in a 38-26 vote.