[StBernard] Nagin Supports Baker Plan (HR 4100)

[Westley Annis]

Nagin urges Katrina aid for homeowners

WASHINGTON (AP) - New Orleans Mayor Ray Nagin is urging Congress to provide
aid to homeowners hurt by Hurricane Katrina. Nagin says that unless help is
sent thousands of lower-income residents will not return. 

A U.S. House Committee is reviewing a bill to help property owners in areas
of Louisiana hit by Katrina avoid defaults on home and business loans while
working to rebuild communities. 

The bill would create a federal entity - the Louisiana Recovery Corporation
- that would purchase the property of willing sellers and pay off lenders
through bond sales. Former owners would have first right to repurchase the
lots after they've been restored _ and rebuild homes on the property.