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by CareyBot

Democrats rolled out a plan Wednesday to address rising foreclosures that would temporarily increase caps on the loan portfolios of mortgage repurchasers Fannie Mae and Freddie Mac and provide more money for housing counselors. Comparing the impact of the housing downturn and upheaval in mortgage markets to Hurricane Katrina, top Democrats including Speaker Nancy Pelosi and Senate Majority Leader Harry Reid urged President Bush to appoint a special advisor to coordinate the government's response. For less than is spent in one day on the war in Iraq, they said, the government could provide housing counseling to nearly 130,000 families. Although Democrats proposed setting aside $200 million for foreclosure-prevention counseling, the heart of their plan relies on freeing up government-sponso...