Senate Agree on Mortgage Bill

Despite varying points of view from both the Democrats and Republicans on how best to tackle the nation's housing related economic crisis, Senate today voted to consider legislation aimed at helping millions of homeowners avoid foreclosure.

The bipartisan bill had initially faced strong resistance from Republicans, who blocked the measure with a legislative procedure in February, claiming Democrats refused to allow amendments that would make the bill more palatable.

Key elements of the bill include expanded mortgage counseling, money for local governments to buy foreclosed properties and a controversial proposal to let bankruptcy judges to rewrite mortgage contracts in bankruptcy proceedings. Republicans and Lenders oppose the final provision, saying it would raise the costs of mortgages for all borrowers.

Speaking with reporters today, senators from both parties declined to say what elements would be included in the final bill, assuming a compromise can be reached by both sides.

Senate Majority Leader and Nevada Democrat Harry Reid had earlier stressed the need for action to reporters saying, "We're concerned about today...We feel the White House should direct its attention to what needs to be done now."

Both leaders of the Democrats and Republicans hope to have a deal brokered by the end of Wednesday.