House panel approves $15B in foreclosure relief

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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.

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