Senate Passes Bill to Address Housing Crisis

``The Senate passed legislation overhauling the Federal Housing Administration on Friday, a move lawmakers described as a "basic first step" to combat rising foreclosures and a broader housing crisis.

The legislation would increase the size of loans the FHA could insure, make counseling more available to homeowners and reduce down payments for borrowers getting an FHA loan. If enacted, it would be the first major piece of legislation passed this year addressing the problems in the mortgage markets.''