The following article is from REALTOR® Magazine Online Edition- Daily Real Estate News dated 6/20/08.
A bipartisan coalition ignored a White House threat to veto a foreclosure rescue bill and voted 70-11 against an attempt to send the measure back to the Senate Banking Committee, which would have essentially killed the bill.
The bill was sidetracked by the news that Senate Banking Committee Chair Christopher J. Dodd (D-Conn.) and Senate Budget Committee Chair Kent Conrad (D-N.D.) got discounted home loans through a VIP program at Countrywide, the country’s largest mortgage lender.
The fact that the bill survived the effort to derail it makes it likely that there will be enough votes to override the veto President Bush is threatening, analysts say.
The bill would provide $300 billion in new, cheaper mortgages for distressed home owners who otherwise couldn’t qualify for fixed-rate loans. The bill also would tighten regulation of Fannie Mae and Freddie Mac, modernize the FHA, provide $4 billion to purchase foreclosed properties, and offer an $8,000 tax break to some first-time home buyers.
The administration opposes the inclusion of $4 billion to help states buy and rehabilitate foreclosed properties, and a plan to have Fannie and Freddie pay for the rescue.Supporters hope to push the bill through the Senate before Congress breaks for a weeklong July 4 vacation.
Source: The Associated Press, Julie Hirschfeld Davis (06/19/08)
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