Congress debates the foreclosure mess

Members of Congress are ready to dig homeowners out of the foreclosure avalanche. They're just not unified on where to break ground first.

On Tuesday, House Ways and Means Committee Chairman Charles Rangel, D-N.Y., introduced a bill that would give some taxpayers a credit of up to $7,500 on the purchase of their first homes. It also allows those who claim the standard deduction on their tax returns an extra $350 deduction to offset property taxes. Currently, you only get a property tax deduction if you itemize.

House Democrats reportedly thought a Senate bill designed to curb foreclosures was too lenient toward lenders.

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