Money | foreclosures Critics: Senate Plan Not Enough Housing legislation doesn't do enough to help homeowners, they say By Jim O'Neill Posted Apr 3, 2008 11:55 AM CDT Copied Senate Banking Committee Chairman Sen. Christopher Dodd, D-Conn., left, and the committee's ranking Republican, Sen. Richard Shelby, R-Ala., right. (AP Photo/Dennis Cook) The Senate’s first major step toward trying to make sense of the US mortgage mess is a needed salve to businesses caught in the chaos, but it doesn’t go far enough to help homeowners, critics say. Lawmakers contend the plan is a start toward addressing a multitude of problems resulting from a devastating housing slump, reports the Los Angeles Times. The deal, which could be approved this week, doesn’t include a contentious provision to allow bankruptcy judges to modify mortgage terms, nor does it address a House Democratic plan to allow the Federal Housing Administration to issue $300 billion in loan guarantees. Critics say the deal favors the mortgage industry over borrowers. Read These Next Husband of the Coldplay 'Kiss Cam' woman breaks his silence. Democrats say they have Trump's birthday letter to Epstein. Australians' sunscreen bottles have been lying to them. She walked out on her gig due to JD Vance, doesn't regret it. Report an error