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U.S. House Approves Mortgage Foreclosure Relief
By Matt Squire
printThe U.S. House of Representatives passed legislation aimed at curbing mortgage foreclosures, a measure that faces an uncertain future in the Senate and that President Bush has threatened to veto. The legislation, which would provide $300 billion in mortgage loans guaranteed by the Federal Housing Administration, was approved Thursday by a vote of 266 to 154, with 39 Republicans joining Democrats. The bill, sponsored by Financial Services Committee chairman Barney Frank, also would provide tax incentives for first-time home buyers, impose certain reforms on the FHA, and impose tighter regulations on government sponsored enterprises Fannie Mae and Freddie Mac as...
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