Could strike deal on legislation sponsored by Sen. Mel Martinez
By Jessica Holzer
As investors and lenders stampede away from risky home loans, the Senate Banking Committee is hashing out a narrow bill that may be the most serious response by Congress to the troubles rocking the mortgage market.
Sens. Chris Dodd (D-Conn.) and Richard Shelby (R-Ala.), the committee’s chairman and ranking member, are likely to strike a deal soon on legislation sponsored by Dodd and Sen. Mel Martinez (R-Fla.) to revitalize the federal agency that guarantees home loans to people who may not otherwise qualify for mortgage insurance, according to several financial services lobbyists.
