Senate to renew debate on mortgage help

WASHINGTON, April 1 (UPI) -- The U.S. Senate will renew its efforts to tackle the housing mortgage crisis, Senate leaders said Tuesday.

"The time has come for us to legislate, not continue our bickering," Senate Majority Leader Harry Reid, D-Nev., said.

One bill under consideration allows bankruptcy judges to reset mortgages on loans associated with the owners' residence and provides $4 billion for buying and fixing homes that have been foreclosed, CNN News reported.

But Republicans threatened to block the bill unless certain amendments were made.

Republicans favor a bill providing a $15,000 tax credit for home owners close to foreclosure proceedings and oppose the Democrats' idea of having judges reset mortgages.

While the debate has stalled, Republican Leader Mitch McConnell said, " there is interest on both sides both sides in moving forward."

The Democrats' plan "will substantially increase monthly mortgage payments," McConnell said. "There is no way this proposal is going to fly."

He called for a plan that would "draw substantial bipartisan support."