California Home Loan 360

WASHINGTON – A Senate bill aimed at reviving the beleaguered U.S. housing market could make borrowing for a home more expensive in high-priced markets such as California and New York.

An amendment to add a change in the bankruptcy law to a Senate bill addressing the housing meltdown fails. The Senate began debate Thursday on a bill that leaders have pitched as much-needed relief for distressed homeowners, but would give an estimated $6 billion in tax breaks to help the home-building industry.