Sen. Charles Schumer (D-N.Y.) said Wednesday that major housing legislation may hit the Senate floor this week, as Democrats are hoping to complete work on the issue before the Fourth of July.
“Housing is at the nub of the problems in this economy,” said Schumer. “Housing problems are getting worse. And everyone you talk to, from Wall Street to Main Street, says do something. No one can figure out why we can’t.”
Schumer said that Democratic leaders are trying to work out a deal on Medicaid legislation, but if they are unable, "energy and housing legislation would be the two most likely" bills to be considered this week.
The housing measure would create a fund to help homeowners facing foreclosure and impose new regulations on federal regulators to Fannie Mae and Freddie Mac, oversee mortgage finance companies
The bill, which is being championed by Banking Committee Chairman Sen. Chris Dodd (D-Conn.), passed out of the committee with a 19-2 vote on May 20.
The House approved its own version of the bill on May 8.
Although the bill passed out of the Senate Banking, Housing and Urban Affairs Committee with broad, bipartisan support, it is unclear if it will face Republican opposition on the Senate floor.
However, as The Washington Post reported last week, House and Senate leaders have already begun the unusual step of working out differences over their respective versions of the bill before the measure has even cleared the Senate.