Sen. Coleman offers plan to combat foreclosuresby Tom Crann, Minnesota Public Radio
St. Paul, Minn. — Since President George Bush outlined his plan to freeze interest rates on some risky mortgages last week, more than 45,000 people have called the subprime hotline set up to assist those looking for advice and trying to avoid foreclosure.
Senator Norm Coleman, R-Minn., is proposing a billion dollar emergency funding community development block grants. Those grants go to local governments around the country.
Sen. Coleman says the funding would help provide relief to communities hit by the foreclosure crisis. It would help fund mortgage counseling services.
Sen. Coleman discussed the issue with "All Things Considered" host Tom Crann on Tuesday.
- All Things Considered, 12/11/2007, 5:51 p.m.