|  | | 2008 News and Press Releases | | |
HEADLINE NEWS:
Senate Banking Committee Approves Housing Bill
Lori Montgomery
Washington Post . May 20, 2008
_________________________________________________________________________
EXCERPT: A key Senate committee today overwhelmingly approved a plan to rescue hundreds of thousands of homeowners at risk of foreclosure, clearing a major political hurdle on the path to a broad, election-year bill to address the nation's housing crisis. The Senate Banking Committee voted 19 to 2 to approve the measure, with every Republican except Kentucky Sen. Jim Bunning and Wyoming Sen. Mike Enzi voting with the Democratic majority. Under a deal struck between committee chairman Christopher J. Dodd (D-Conn.) and Sen. Richard C. Shelby (R-Ala.), the panel's senior Republican, a portion of the profits from mortgage giants Fannie Mae and Freddie Mac would be used to cover the cost of a program to help troubled borrowers trade exotic mortgages with escalating monthly payments for more affordable loans backed by the federal government. The measure also would create a new, stricter regulator for Fannie Mae and Freddie Mac, with broad power to control the financial condition of the companies. The committee's vote clears the way for Senate approval of the plan, which is likely to come soon after the Memorial Day break. It also raises hopes that President Bush will sign the measure. The White House threatened to veto a similar bill that passed the House this month, citing the potential cost to taxpayers as a primary concern. This week, White House officials have been more encouraging. "This shows today what we can do if we work together," Shelby told reporters, adding that he expects the Senate to approve the measure with "a big, big vote." Asked about the veto threat, Shelby said: "I don't believe the president would veto this." |
|
|
