The Senate began debate Thursday on a $15 billion bipartisan housing relief package that could get a final vote by next week.

The legislation was crafted Wednesday by Democratic and Republican lawmakers facing election-year pressure to fast-track a response to the foreclosure crisis.

The package has gotten praise from the mortgage industry, but housing advocates say it only offers homeowners modest help and is too generous to homebuilders.

The proposed measures include funding to help borrowers refinance unaffordable loans and help boost activity in neighborhoods with properties in foreclosure. Also in the bill is a tax break for homebuilders, as well as a new tax credit and deduction for homeowners and home buyers. The package also contains measures to make loans that are insured by the Federal Housing Administration - which helps borrowers with weak credit or little or no cash for a downpayment - more accessible.

The Senate package reflects concessions from both sides of the aisle. But it will be subject to amendments, which the Senate started voting on Thursday night. In addition, the House - led by Financial Services Committee Barney Frank, D-Mass. - will have its say next week.

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