It was a striking split for Bush and congressional Republicans, many of whom are angrily opposed to the housing legislation, which they call a handout for irresponsible homeowners and unscrupulous lenders.Īt a closed-door meeting Wednesday morning, House Republicans denounced the plan, although it's clear they don't have enough votes to prevent it from becoming law. In a policy statement on the bill, the White House said that parts of it "are too important to the stability of our nation's housing market, financial system, and the broader economy not to be enacted immediately."īush had objected to the neighborhood grants, which would be for buying and fixing up foreclosed properties, saying that they would help bankers and lenders, not homeowners who are in trouble.īut Dana Perino, the White House press secretary, told reporters in a conference call that a showdown with Congress over the funds would be ill-timed.
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The administration and lawmakers in both parties teamed to negotiate the election-year measure, which pairs Democrats' top priorities - federal help for homeowners facing foreclosure and $3.9 billion for devastated neighborhoods - with Republicans' goal of reining in mortgage giants Fannie Mae and Freddie Mac while reassuring financial markets of their stability. Bush's decision to sign the election-year bill came despite his strong resistance to including $3.9 billion in the measure for neighborhoods hit hardest by foreclosures. That put the legislation on track toward enactment as early as the end of the week.
Momentum for passage picked up mightily after President Bush earlier Wednesday dropped his opposition to the bill just hours before a scheduled vote in the House.
WASHINGTON - Congress is moving quickly to pass a housing package that aims to help 400,000 strapped homeowners avoid foreclosures and prevent Fannie Mae and Freddie Mac from collapsing.
165 Foreclosure InfoĬongress moves to help homeowners avoid foreclosuresĠ7/23/08 By JULIE HIRSCHFELD DAVIS, Associated Press Writer 1 hour, 21 minutes ago
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