Snappy newsletters. Simple Facebook sharing. Spirited comments. Sweet features are waiting… GET THEM NOW!

Hot on Facebook
Uproar After NC State Agent 'Fixes' Girl's Lunch Preschooler has to eat chicken nuggets instead of mom's meal »

Senate OKs Foreclosure Relief Bill

House outcome uncertain; Bush will veto unless changed

By Harry Kimball,  Newser Staff

Posted Jul 11, 2008 8:35 PM CDT

(Newser) – By a huge margin, the Senate today passed a $300 billion bill to help homeowners avoid foreclosure—but the White House vows to veto it unless the House makes changes, the AP reports. The bill will let struggling homeowners reinsure at cheaper rates backed by the government, but President President Bush says that nearly $4 billion in the bill, slated to fix up foreclosed homes, benefits lenders, not owners.

A Bush spokeswoman urged House lawmakers to strip the provision “so that they can get a housing bill to the president that he could sign right away.” But many in the House, particularly black congressmen, see the money as essential to revitalizing affected communities. Barack Obama urged Bush to pass the measure "along with a second emergency stimulus package to jumpstart the economy."

A foreclosure sign stands outside an existing home on the market in Denver.
A foreclosure sign stands outside an existing home on the market in Denver.   (AP Photo)
Chart shows two possible foreclosure plans congress is considering.
Chart shows two possible foreclosure plans congress is considering.   (AP Photo)
Graphic shows total foreclosure filings in the past 13 months.
Graphic shows total foreclosure filings in the past 13 months.   (AP Photo)
A bank owned home is seen for sale in Sacramento, Calif.
A bank owned home is seen for sale in Sacramento, Calif.   (AP Photo)
« Prev« Prev | Next »Next » Slideshow
To report an error on this story, notify our editors.
A snapshot of the day's best news stories.
 
COMMENTS
Be the first to comment on this story.

More Newser Stories

Payroll Tax Deal: $20 a Week in Paychecks

Lawmakers Shuffled Millions to Relatives' Causes

Lawmakers Use Earmarks to Aid Own Properties

GOP Pulls 'Reverse Braveheart ' on Payroll Tax

Senate Easily Approves Payroll Tax Cut


NEWS FROM OUR PARTNERS
Other Sites We Like:   24/7 Wall St.   |   Betty Confidential   |   BuzzFeed   |   Cracked   |   Fark   |   Timelines   |   The Frisky   |   Geek Sugar   |   NewsOne