WASHINGTON — Defying presidential veto threats, the House on Thursday approved two bills designed to provide relief for those individuals and communities impacted by the mortgage foreclosure crisis.
Lawmakers approved a bill that would provide $300 billion in federal loan guarantees to borrowers with loans worth more than the value of their home. The bill passed 266-154, 25 votes shy of the two-thirds needed to override a veto.
The Congressional Budget Office has estimated the measure, which President Bush said rewards speculators and lenders more than homeowners, would finance about 500,000 mortgages at a cost of $2.7 billion.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
