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July 9, 2008 6:48:03 AM CDT

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Bush Spars With Senators Over Housing Fixes

Posted Feb 27, 08 11:56 AM CST in Business,  Politics    Most Covered

(Newser) – Congressional Democrats are pushing for new bankruptcy rules to help homeowners suffering from the mortgage crisis, the Washington Post reports—though the White House says it will veto any plan that could hurt lenders and send mortgage rates upward. Democrats say enough Republicans from hard-hit states could join them in allowing some bills to hit the Senate floor for debate.

"We shouldn't be bailing out banks and investors," one Treasury official said. The administration supports voluntary bank programs to adjust loan terms; one Democratic proposal would include court-ordered interest-rate changes. "I don't want to bail out bad behavior,” said one homeowner. “On the other hand, you can't let people lose their homes and put them on the street."

Source Washington Post

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Sen. Arlen Specter, R-Pa., speaks during a news conference on Capitol Hill, Wednesday, Feb. 13, 2008, in Washington. Specter has proposed a mortgage relief plan that would give judges some authority over...   (Associated Press)
A for sale sign stands in front of a bank-owned home in Las Vegas, Friday, Feb. 8, 2008. Congress and the White House are at odds over plans to help struggling homeowners. (AP Photo/Jae C. Hong)   (Associated Press)
Treasury Secretary Henry Paulson speaks at the Treasury Department in Washington, Thursday, Jan. 31, 2008. The Treasury Department has sided with the White House on mortgage relief in a battle with Congress,...   (Associated Press)
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Senate  • mortgage crisis  • mortgage  • housing  • Arlen Specter  • Federal Housing Administration  • Mortgage Bankers Association  • Richard Durbin


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