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Bush threatens veto of housing aid
Tuesday May 6, 8:12 PM EDT
WASHINGTON (AP) — The White House on Tuesday threatened a veto of Democrats' broad housing rescue plan, calling it a burdensome bailout that would open taxpayers to too much risk.
The threat came as the House prepares to vote Wednesday on the package, which is aimed at preventing foreclosures and stabilizing the housing market. The veto threat signaled that despite growing GOP support for the measure, especially among Republicans from areas hardest hit by the housing crisis, the plan could become mired in a partisan spat over which party is doing more to help homeowners in need.
Democrats' housing plan, written by Rep. Barney Frank, D-Mass., would allow the Federal Housing Administration to insure up to $300 billion in new mortgages for struggling homeowners currently too financially strapped to qualify for such loans.
To sweeten the deal for Republicans, most of whom regard the measure as an overly risky bailout of irresponsible borrowers, Democrats plan to include a grab bag of measures President Bush has called for.
http://finance.myway.com/jsp/nw/nwdt_rt.jsp?section=news&feed=ap&src=601&news_id=ap-d90gf9fo0&date=20080506
Tuesday May 6, 8:12 PM EDT
WASHINGTON (AP) — The White House on Tuesday threatened a veto of Democrats' broad housing rescue plan, calling it a burdensome bailout that would open taxpayers to too much risk.
The threat came as the House prepares to vote Wednesday on the package, which is aimed at preventing foreclosures and stabilizing the housing market. The veto threat signaled that despite growing GOP support for the measure, especially among Republicans from areas hardest hit by the housing crisis, the plan could become mired in a partisan spat over which party is doing more to help homeowners in need.
Democrats' housing plan, written by Rep. Barney Frank, D-Mass., would allow the Federal Housing Administration to insure up to $300 billion in new mortgages for struggling homeowners currently too financially strapped to qualify for such loans.
To sweeten the deal for Republicans, most of whom regard the measure as an overly risky bailout of irresponsible borrowers, Democrats plan to include a grab bag of measures President Bush has called for.
http://finance.myway.com/jsp/nw/nwdt_rt.jsp?section=news&feed=ap&src=601&news_id=ap-d90gf9fo0&date=20080506