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U.S. lawmakers approve foreclosure purchase funds

Wed Apr 23, 2008 5:03pm EDT

WASHINGTON, April 23 (Reuters) - A panel of the U.S. House of Representatives on Wednesday passed legislation that would give local governments billions in aid to buy foreclosed homes.

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The legislation would give local governments billions to get abandoned and run down properties into better repair and so help preserve the livability of neighborhoods. The legislation mirrors an initiative that has passed the senate and is due to be combined with other measures that Democratic lawmakers intend to send to the president.

(Reporting by Patrick Rucker, Editing by Diane Craft)

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