Anyone knows more about this new Housing Bill? Does it help if you have bad credit score?

Obviously, if you have gone bad on your mortgage payments, your credit score was affected. Will that record be erased to get you back on track with your lender? How about those who had gone bad with their credit cards (include Bankruptcy), will they get help to gain back their borrowing power? What are the hidden benefits under this new Housing Bill?

Public Comments

1. Basically you will be able to refinance even though you haven't been able to pay on time or you're in foreclosure because the new loan will be backed federally, meaning the mortgage brokers are willing to refinance your mortgage since they have reassurance that they will be paid back if you default again. For new home buyers supposedly the lenders will be more lenient with who they lend to, so that's good if you have a low credit score or bad credit. There is also supposed to be a tax credit up to $7,500 for first time home buyers.
2. This article lists some of the benefits of the housing bill, http://www.monitorbankrates.com/mortgages/housing-relief-in-the-home-bailout-bill
3. h