Foreclosure rescue plan poised to pass Senate
WASHINGTON (AP) - A mortgage rescue plan is headed for Senate passage Friday, but it's anything but a done deal.
Despite broad bipartisan support, the bill is facing a rewrite in the House and a veto threat from President Bush. The package would authorize 300-billion dollars in new government-backed loans for strugglinging homeowners. It also includes billions in tax breaks and a nearly $4 billion provision to buy-up and rehabilitate foreclosed homes. Key players are planning for a week of intense negotiations over House concerns about the Senate version. One bone of contention is the home buy-up provision. Conservative "Blue Dog" Democrats say that needs to be balanced by tax hikes or spending cuts elsewhere. And the White House also objects, calling that a bailout for the lenders who helped cause the mortgage meltdown in the first place. (Copyright 2008 by The Associated Press. All Rights Reserved.) |
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