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Senate passes Helping Families Save theirHomes Act

The U.S. Senate has passed the Helping Families Save their Homes Act including the amendment which requires banks that received TARP funds to allowfarmers and ranchers to restructure loans before foreclosure. The original bill applied to homes, Wisconsin Senator Russ Feingold and New York’s Kristin Gillibrand introduced the farmer amendment. Feingold says if the federal government is going to help lending institutions those institutionsshould help keep farmers and ranchers in business.

The bill now goes to the House.

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